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AUD/USD bulls guarding pre Chinese GDP lvls

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is back to slightly above pre Chinese GDP levels and oscillates below the pivot of 0.7283.

    Chinese GDP for Q3 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 bid on the data that beat expectations but was faded at the 0.73 handle and sent back below the 200 SMA on the hourly chart. Today lacks data from the US although ears to the ground on Fed's Lacker shortly on the hour.

    AUD/USD levels

    Technically, two highs on the 0.73 handle were 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, 0.7227 is first support and 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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