The AUD/USD Holding 0.7200 Post China Data
The AUD/USD has been holding the 0.7200 level for the last few session and it continues to be a solid resistance level at the moment.
Yesterday’s poor trade data out of China saw the AUD/USD dump, but come this morning we are really back where we started and in reality actually in front.
That is also on the back of a negative Wall Street lead, that saw equities sell-off and not many strong moves higher in commodities.
In fact, some of the major moves were the falls in copper and the mining and materials as a whole, which is generally a negative lead in for the AUD.
The main event this week will be Chinese GDP and there are now many that are looking for a weak number. Given the impact that the US tariffs appear to be having already, this could very well be a game changer for the Aussie.
Aussie Outlook
The AUD/USD is testing the major level at 0.7200 and is higher in Asian trade by around 0.25%.
The major support below is 0.7050 and then 0.7000.
0.7300 is clearly R2 and the most recent highs sit at 0.7400.
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