FxWirePro: AUD/USD breaks 3-day losing streak, edges above 5-DMA as risk barometers stay mildly positive

AUD/USD chart - Trading View 

AUD/USD was trading 0.41% higher on the day at 0.7440 at around 05:20 GMT, bias remains bullish.

The Australian dollar largely ignored weaker than forecast China CPI/PPI data and remained mildly bid amid positive risk sentiment.

Data released earlier today showed China’s November month Consumer Price Index (CPI) dropped to -0.5% YoY, below 0.0% forecast and 0.5% prior.

However, the Producer Price Index (PPI) recovered to -1.5% YoY from -2.1% previous readouts and -1.8% expected.

Supporting the AUD was Australia’s Westpac Consumer Confidence for December which rose past-2.5% to 4.1%.

The pair trades with a bullish technical bias. Pullbacks have held support at 200H MA and the hourly chart shows bullish MACD line crossover on the signal line. 

Weekly charts show bullish momentum. Scope for test of 78.6% Fib at 0.7573. Weakness likely on breach below 200H MA.