​Chart Of The Day: AUDUSD again reversed from key resistance-zone after sluggish China data

Wed, 14 Aug 2019 13:21

AUDUSDH4_14082019.png

Below market forecast numbers of China's Industrial Production and Retail Sales growth stopped the AUDUSD pair from taking advantage of the upbeat second-quarter wage price data from Australia. In doing so, prices took a U-turn from 0.6820/30 horizontal area comprising June low and early-month high, which in-turn favor its pullback to one-week-old support-line near 0.6760. However, pair's drop beneath 0.6760 can only have one stop around 0.6450/45 before visiting August 08 low near 0.6677.

On the upside, pair's rise past-0.6830 needs to clear 4H 100MA level of 0.6850 in order to aim for more than a month old horizontal resistance close to 0.6910. If prices rally beyond 0.6910, 0.7000, 0.7045/50 and 0.7080/85 could lure the bulls.

Join us on FB and Twitter to stay updated on the latest market events.