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9 Jan 2015
AUD/USD trims gains, Chinese data weigh
FXStreet (Mumbai) - The Aussie erased partial gains against the US dollar from the Asian morning, and manages to hold mild gains as disappointing Australian retail sales data and sluggish Chinese price pressures weigh.
Currently, the AUD/USD traded at 0.8129, up 0.09% on the day, having clocked day’s high at 0.8147 levels. The Aussie extended it’s upward trajectory versus the greenback as the Aussie received support from rising gold and oil prices. However, the gains were trimmed after inflation in China, Australia's major trading partner, remained low, signalling a possible slowdown in the economy. Moreover, country’s retail sales which rose slower than expected in November also weighed on the pair.
Meanwhile, markets will closely watch the release of US NFP data due for release later today especially after a robust ADP employment change numbers on Wednesday, for any major impact on the currency pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8158 (Jan 6 High) levels, above which gains could be extended to 0.8186 (Jan 2 High) levels. On the flip side, support is seen at 0.8076 (Jan 2 Low) levels, from here it to 0.8034 (Jan 5 Low) levels.
Currently, the AUD/USD traded at 0.8129, up 0.09% on the day, having clocked day’s high at 0.8147 levels. The Aussie extended it’s upward trajectory versus the greenback as the Aussie received support from rising gold and oil prices. However, the gains were trimmed after inflation in China, Australia's major trading partner, remained low, signalling a possible slowdown in the economy. Moreover, country’s retail sales which rose slower than expected in November also weighed on the pair.
Meanwhile, markets will closely watch the release of US NFP data due for release later today especially after a robust ADP employment change numbers on Wednesday, for any major impact on the currency pair.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8158 (Jan 6 High) levels, above which gains could be extended to 0.8186 (Jan 2 High) levels. On the flip side, support is seen at 0.8076 (Jan 2 Low) levels, from here it to 0.8034 (Jan 5 Low) levels.