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China Data Awaited

AUD

After dropping following the labour market report yesterday, AUD/USD went bid during European hours, pushing up to fresh highs of 0.7761, the pair moved in range around this level, and currently trades flat at 0.7752.

  • CBA cautions that "If market participants continue to view strong US economic performance as a barometer for the global economy, AUD can remain supported. However, AUD/USD faces downside risks if a faster than expected US economic recovery pushes US bond yields higher."
  • From a technical perspective AUD/USD traded firmer Wednesday, clearing 0.7677, Apr 7 high. The move higher has also resulted in a break of trendline resistance drawn off the Feb 25 high and, price is above the neckline of a recent head and shoulders reversal pattern, suggesting scope for a stronger recovery. An ability to remain above the 50-dma would strengthen a bullish case. Initial firm support is at 0.7635, Feb 14 low. A break would be bearish.
  • There is no domestic data on the docket today, but participants will look the monthly Chinese data dump later today, the releases include GDP, industrial production and retail sales.
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