FXStreet (Guatemala) - AUD/USD is so far steady/slightly offered on the back of the latest Chinese data that arrived in the form of the CPI's and Producer Prices.
While this data is not specifically championing the decision making process at the PBoC, it is nevertheless a key component that has been known to make a material impact on the Aussie but today we are supported by the 200 SMA still at 0.7195. The data arrived as 1.6% vs 1.8% consensus and vs 2.0% previous. Producer Prices year on year are were expected -5.9% vs -5.9% as well and arrived inline.
AUD/USD support is fragile here on 1hr 200 SMA
AUD/USD is fragile following yesterday's sell off after markets turned around on the Chinese trade data that in effect was an improvement, but simply not good enough.
The bearish case has been mounting since the lofty heights just shy of the 0.74 handle, as discussed earlier and given the broad based bearish trend, below the 200 DMA at 0.7594, with a break of 0.72 and the 200 SMA on the hourly chart, eyes are set on the September low at 0.6940 ahead of the 0.6905 recent low and the 0.6774 2004 low.
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