FXStreet (Guatemala) - AUD/USD was a non event on the release of inline as expected retails sales. The retails sales arrived at 0.4% as expected vs 0.6% prior. The price is oscillating around the 0.7020 resistance and capped by the 100 SMA on the 15 min sticks and is testing the 20 SMA on the hourly chart in a minor recovery from the lows of 0.6980. There has of course been a bias for the downside while the Chinese crisis has dominated the markets and AUD/USD in a risk off mood marketplace. So, we now await the Chinese markets coming back to play and we are keeping an ear to the ground for the Chinese authorities. The Yuan fix will be monitored by observers, and the Chinese futures opening before HK/Shanghai. Chinese events recap The Chinese open was the catalyst yesterday in Asia when stocks (CSI300) were 2% down then 5% down, then trading was halted on the circuit breaker before finally ceased altogether when 7% down. In the case of the Shanghai Composite, it is now 11.7% down year to date. Yesterday was the shortest trading session in China's stock market 25 year history. China stocks preview: What to expect today? AUD/USD levels Technically,AUD/USD remains in a very strong bearish trend with 0.6980/00 supporting the downside attempts currently. The late September lows remain of interest at 0.6940 before 0.6907 the low. 0.7080 is first key resistance while bulls may struggle at 0.7090 and the 20 SMA on the hourly. 0.7120 thereafter and 0.7156. For more information, read our latest forex news.