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AUD/USD Tumbles After Weak Chinese Data

AUD/USD Tumbles After Weak Chinese Data

The AUDUSD gapped lower as Chinese industrial production and retail sales data came weaker than expected to touch 0.7248 low. Year to date figures also missed expectations showing signs of a sluggish Chinese economy and thus giving a further slump to the AUD/USD. The AUD/USD will face a continued selling pressure as the pair cuts the support point 0.7235 to reach next support levels 0.7205 and 0.7165.

Alternatively, the RSI remains flat and the AUD/USD needs a push above 0.7308 in order to reverse back and trade higher toward 0.7325 and 0.7355 respectively.

AUD/USD Chart

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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