Key Points
- The Aussie Dollar surged higher towards 0.7600 against the US Dollar before starting a consolidation.
- There is a major bullish trend line with support at 0.7575 formed on the hourly chart of AUDUSD.
- Earlier today, the Chinese Retail Sales report for Feb 2017 (YoY) was released by the National Bureau of Statistics of China.
- The outcome was better than the forecast, as the Chinese Retail Sales rose 10.9% in Feb 2017 (YoY), more than the last +9.5%.
AUDUSD Technical Analysis
The Aussie Dollar started a solid uptrend from the 0.7473 low against the US Dollar, and moved above the 0.7500 and 0.7575 resistance levels. The AUDUSD pair traded as high as 0.7595 where it found resistance and moved down.
The pair traded below the 23.6% Fib retracement level of the last wave from the 0.7473 low to 0.7595 high, but was able to find support around a major bullish trend line at 0.7575 formed on the hourly chart.
The pair may bounce back soon as it is also above the 21 hourly simple moving average and the 0.7575 support area.
Chinese Retail Sales
Recently in China, the Chinese Retail Sales report for Feb 2017 (YoY) was released by the National Bureau of Statistics of China. The forecast was lined up for an increase of 10% in Feb 2017, compared with the same month a year ago.
The result was better than the forecast, as the Chinese Retail Sales rose 10.9% in Feb 2017 (YoY). It was a lot better when compared with the last increase of 9.5%. Moreover, the Chinese Gross Domestic Product (GDP) was also published today. The result was again better, as there was a rise of 6.9% in Q1 2017, which was more the last 6.8%.
Overall, the AUDUSD pair may gain pace for further gains above 0.7600 as long as it stays above the 0.7575 support.
