AUD/USD Prints Fresh Highs Above 0.7700 on Chinese Data
Having bottomed at the daily pivot at 0.7683 in the last hour, the AUD/USD pair is seen hovering at session tops following the Chinese economic releases.
AUD/USD keeps 0.77 handle post-China data dump
Currently, the AUD/USD pair rises 0.25% to fresh session highs at 0.7716, keeping bids intact above 0.77 handle. The Chinese macro updates came in positive, with the GDP figures meeting expectations, while the industrial production, retail sales and fixed asset data outpacing estimates, which triggered a renewed risk-on wave in the markets and send the higher-yielding currencies such as the AUD higher.
China's Q1 GDP y/y came at 6.7% vs 6.7% expected and 6.8% last. March Industrial Production y/y stood at 6.8% vs 5.9% expected and 5.4% last, while March Fixed Assets (excluding rural) YTD y/ came at 10.7% vs 10.4% expected and 10.2% last. As per March Retail Sales y/y, it came at 10.5% vs 10.4% last.
The sentiment around the Aussie remains underpinned as the recent upbeat Aus jobs and Chinese trade data continue bolster the AUD bulls. While optimistic RBA’s FSR released earlier on the day also keeps the AUD/USD underpinned.
Next on tap for the Aussie remains the US dataflow due later in the NY session for further momentum.
AUD/USD Levels to watch
The pair finds the immediate resistance at 0.7737/50 (2016 highs) above which gains could be extended to the next hurdle located at 07800 (round number). On the flip side, the immediate support located at 0.7683/67 (daily pivot/ 5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie 0.7644/7610 (1h 100-SMA/ 10-DMA).