FXStreet (Mumbai) – The AUD/USD is on a slow declining trend, erasing its early gains even though the Chinese industrial production and consumption ticked up in May.
Rejected at 0.7791
The pair clocked a high of 0.7791 earlier today before turning lower. A better-than-expected employment data pushed the AUD higher to 0.7791, partly supported by more than 2% gain seen in the AUD/NZD pair.
However, the pair has erased major part of its gains to trade at 0.7740 levels as the pair ran into fresh offers as it fell below its 100-DMA at 0.7773. Moreover, the pair has ignored the uptick seen in the Chinese industrial output and retail sales figures for May. Ahead in the day, the investors will watch out for the weekly jobless claims and monthly retail sales number in the US.
AUD/USD Technical Levels
The immediate resistance is seen at 0.7774 (100-DMA), above which the pair could target 0.7822 (50-DMA). On the flip side, a break below 0.7726 could see the pair fall back to 0.7680.
(Market News Provided by FXstreet)