The Aussie erased previous gains and fell against the US counterpart, as weaker commodities prices offset bullish Chinese data.
Currently, the AUD/USD traded lower by -0.51% at 0.8169 levels, having clocked day’s high at 0.8213 levels post the release of China GDP numbers. The AUD/USD pair quickly gave away gains from upbeat Chinese data and inched lower after BlackRock Inc. released a forecast saying the currency will plunge 15% this year. Moreover, the markets seemed to have shrugged off the China GDP as the focus now shifts to the European Central Bank (ECB) upcoming meeting this Thursday.
"Today’s China GDP will be of some interest, but is not a key driver. The ECB and tone of the next RBA statement will be the key determinants," – ANZ noted today.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8194 levels, above which gains could be extended to 0.8255 levels. On the flip side, support is seen at 0.8130 from here it to 0.81 levels.
Currently, the AUD/USD traded lower by -0.51% at 0.8169 levels, having clocked day’s high at 0.8213 levels post the release of China GDP numbers. The AUD/USD pair quickly gave away gains from upbeat Chinese data and inched lower after BlackRock Inc. released a forecast saying the currency will plunge 15% this year. Moreover, the markets seemed to have shrugged off the China GDP as the focus now shifts to the European Central Bank (ECB) upcoming meeting this Thursday.
"Today’s China GDP will be of some interest, but is not a key driver. The ECB and tone of the next RBA statement will be the key determinants," – ANZ noted today.
AUD/USD Technical Levels
The pair has an immediate resistance at 0.8194 levels, above which gains could be extended to 0.8255 levels. On the flip side, support is seen at 0.8130 from here it to 0.81 levels.
