The AUD/USD Holding 0.7200: Key Levels
Rowan Crosby • 1 min read
The AUD/USD has been holding the 0.7200 level for some time now and this week it appears the data is a little thin on the ground on the home front.
There is no top-tier data for the Aussie, after only having retail sales last week.
Chinese data is probably the major factor the the AUD/USD this week when we get a look at trade data later today and then ultimately GDP.
There are real concerns that the Chinese economy is slowing down, in part due to trade war pressures and also where they are at in their cycle.
Weak data is a negative for the AUD/USD as China is the major trading partner for Australia and imports much of their raw materials.
The AUD/USD is testing the major level at 0.7200 and is so far holding firm.
The major support below is 0.7050 and then 0.7000.
0.7300 is no probably the next upside level of note.