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AUD/USD: 45 pip knee jerk rally post China GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD was volatile on the back of the Chinese GDP for Q3. The data arrived as 6.9% Y/Y beating expectations of 6.8%, but comes below the previous of 7% Y/Y and as the lowest level since the start of the financial crisis.

    AUD/USD was trading circa 0.7240 below the 200 SMA on the hourly chart with the 20/200 bearish cross taking shape at the start of the week. The price rallied about 45 pips, but settled back after the knee jerk reaction to the upside and now socialites flat for the session at time of writing.

    AUD/USD levels

    Technically, AUD/USD's performance on the 0.73 handle was short-lived, failing at 0.7380 the first time around and then only able to reach 0.7360 on a recovery attempt towards the end of last week. The 0.7385 Fib retracement guards 0.7402 2014-2015 downtrend and August highs of and the 0.7439 August high. To the downside, a break of the 0.72 handle puts the 55 DMA under pressure at 0.7179 ahead of 0.7146 and the 20 DMA. A break of here opens the October lows and start of the short-term recovery from 0.7000.
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