Chinese Industrial Production Falls Again The AUD/USD is Weak
The AUD/USD has had a slow start to the Asian session and is in the red once again and that looks set continue.
The AUD/USD has had a slow start to the Asian session and is in the red once again and that looks set continue.
The key data points today were out of China and Industrial Production which was the top-tier data release. We saw the figure come in at 5.3% vs 5.5% exp. This was down from 5.7% previously.
This is another poor miss out of China and the bad data keeps on coming it seems.
The other key data points come in around expectation so not all bad. The comments suggested that the economy did well in Jan and Feb, but face external uncertainties.
AUD/USD Pressure
The AUD/USD] fell all the way from 0.7100 level today where we expected there might be some resistance.
Given that price hasn’t fallen too much on the news, that might be a bullish sign for the remainder of the session.
It now appears the round number levels are providing plenty of support and resistance with 0.7000 and 0.7200, S1 and R2 respectively
Key support at 0.7000 will be very strong for the time being.
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