AUD/USD is drifting sideways and consolidating on what has been a lackluster session so far in the absence of catalysts. China and commodities in sharp focus - ANZ While the main theme remains with China and the commodity sector, a broad based pause in the recovery is set in place and we turn heads to the Yuan fix, noting a devaluing from yesterday's 6.5041 mid to today's 6.5106, in line with the bearish outlook for the Yuan. AUD/USD pressured on data After yesterday's shocking export figure from China's trade data, the data from Australia for today offered a poor number in the home loans at -3.9% for Jan vs -2.3% expected and vs prior 2.7% albeit calculated over the holiday season. Nevertheless, the Aussie is slightly bearish on this for the session, while the Westpac consumer confidence for March is back to the average six- month reading, noted by the analysts and arrived -2.2 vs 4.2% prior. AUD/USD levels AUD/USD remains with a bullish bias medium term having broken up through the weekly cloud at 0.7378 recently and in the absence of any significant downside pressures . However, price is fading towards 100 1hr sma at 0.7397 currently while below there, the 8-month resistance line previously (0.7331) below S3 (0.7341) and combined with 0.7320 is a key support area. Daily RSI turns below 70 now on the correction in price as the market targets the 55 week moving average at 0.7380. For more information, read our latest forex news.