FxWirePro: AUD/USD forms 'Bullish Bat Pattern', good to go long on dips

• Aussie struggling to extend upside after mixed China Data Dump.
   
• Data released earlier today showed China’s April industrial production rose 6.5% y/y in April, missing the estimate of 7.1%. 
   
• China's retail sales jumped 10.7%, beating the estimate of 10.7%. Urban investment growth dropped to 8.9% from 9.2%.
   
• AUD/USD has been extending gains from 4-month lows at 0.7328, is currently holding above 5-DMA.
   
• We have seen a 'Bullish Bat Pattern' formation on daily charts, scope for further upside.
   
• Broadly weaker US dollar, in the wake of downbeat US retail sales and CPI data, keep the recovery intact.

Support levels - 0.7374 (5-DMA), 0.7340 (trendline), 0.7329 (May 9 low)

Resistance levels - 0.7428 (23.6% Fib retrace of 0.7749 to 0.7328 fall), 0.7460 (20-DMA), 0.7490 (38.2% Fib and trendline)

TIME  TREND INDEX  OB/OS INDEX    

1H          Bullish                 Neutral       
4H          Bullish                 Neutral       
1D          Bullish                 Neutral        
1W         Neutral                Neutral      

Recommendation: Good to go long on dips around 0.7390, SL: 0.7340, TP: 0.7430/ 0.7460/ 0.75