Key Points
- Aussie Dollar after trading close to the 0.7740 levels found sellers against the US Dollar and moved down.
- The AUDUSD pair is currently trading near a support trend line formed on the hourly chart, which may be broken in the short term.
- Chinese Gross Domestic Product (GDP) released by the National Bureau of Statistics of China posted a rate of 6.7% in Q1 2016, just as the market expected.
- Chinese Retail Sales grew by 10.5% in March 2016, more than the market forecast of 10.4%.
Technical Analysis
The Aussie Dollar had a decent run against the US Dollar recently until it found sellers near the 0.7740 level. The AUDUSD pair started moving down, and currently under pressure as the Chinese GDP report failed to impress the Aussie Dollar buyers.
The AUDUSD pair is currently trading near a support trend line formed on the hourly chart, and if sellers manage to break it, then a move towards the 100 hourly simple moving average is possible.
On the upside, the 0.7740 level is a resistance area, which must hold if sellers have to take AUDUSD lower.
Chinese Gross Domestic Product
Earlier today during the Asian session, the Gross Domestic Product (GDP), which studies the gross value of all goods and services produced by China was released by the National Bureau of Statistics of China. The market was expecting a growth of 6.7% in Q1 2016, compared with Q1 2016. The result was in line with the forecast, but we cannot ignore that there was a decrease from 6.8% to 6.7%.
Moreover, the Chinese Retail Sales reported a rise of 10.5% in March 2016, which was more than the market forecast of 10.4%.
Overall, the result was not impressive, which may impact pairs like AUDUSD, and could push it down in the short term.
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