AUD/USD subdued ahead of yearly lows and Chinese data

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.6925 with a high of 0.6928 and a low of 0.6923 in early Asia.

AUD/USD has been subdued in a light US session, but remains contained by the descending 50 SMA on the hourly chart in a defined bearish trend, scoring multi-year lows in recent sessions. The unit has been in consolidation of the downside in the Us session and it looks ahead this week towards the key job data from Australia now that the Nonfarm Payrolls has been digested, adding to the bearish bias.

AUD/USD awaits Chinese data

However, we also have some key activity this week from China who have returned from a four-day break. Equities were struggling overnight, with the Shanghai Composite closing down 2.32% by end of trade and the MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1 percent, driven by the losses in China. China will release its latest Trade Balance figure today and Australia will release the NAB’s business indicators.

AUD/USD levels

Technically, Valeria Bednarik, chief analyst at FXStreet explained that in the 4-hours chart, the 20 SMA maintains a strong bearish slope, providing a strong dynamic intraday resistance around 0.6970.

Should the downside accelerate, while 0.6500 …read more

Source:: FX Street