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14 Aug 2018

AUD/USDremains capped under 0.73 as bulls continue to hesitate

  • The Aussie saw little momentum in Monday's trading, though did dip into a new low before ending the day nearly flat.
  • Hopes of a bullish correction rest in the hands of Chinese data due for Tuesday.

The AUD/USD pair is cycling around 0.7270 after wing up flat through Monday's action, and Aussie traders are now looking towards the Chinese data dump to inspire some momentum into the Asia session pairs.

China will be dropping multiple data series at 02:00 GMT early Tuesday, but the meaningful numbers will be y/y Retail Sales and Industrial Production; manufacturing numbers for China were recently much better than expected as a feared slowdown on the back of tariffs from the US appear to be doing far less damage than originally thought, and traders will be hoping for a continued positive twist to China data. Annual Retail Sales for July are expected to hold steady at 9%, while July's y/y Industrial Production is forecast to tick upwards to 6.3% versus the previous reading of 6.0%.

Today's Australian NAB Business Confidence reading (forecast 67, previous 6) at 01:30 GMT is unlikely to see much reaction as traders await China numbers, and later in the week will see Australian unemployment figures, slated for early Thursday at 01:30 GMT and Aussie traders will be bracing for an expected upwards shift in the Australian Unemployment Rate.

AUD/USD levels to watch

The AUD remains trapped firmly in bearish territory as bulls struggle to develop a meaningful bounce back, and according to FXStreet's own Valeria Bednarik, "technical readings are aligned with the market's sentiment, as in the 4 hours chart, technical indicators remain near their recent lows and in oversold readings, as the 20 SMA heads sharply lower below the 100 and 200 SMA, all of them far above the current level. A clear break of the 0.7250 region should lead to a steeper decline, despite the extremely overbought dollar, particularly if equities and metals continue drifting lower."

Support levels: 0.7250 0.7215 0.7180

Resistance levels: 0.7290 0.7320 0.7360 

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