FxWirePro: AUD/USD extends previous session's weakness, aussie shrugs off upbeat Australian Retail Sales data
FxWirePro: AUD/USD holds gains above 0.78 handle after upbeat Australia Q4 GDP, bulls unfazed by dismal Chinese Caixin Services PMI
AUD/USD chart - Trading View
AUD/USD was trading marginally higher on the day, holds above 0.78 handle after upbeat Australia GDP data.
Australia's economy expanded 3.1% QoQ in Q4, beating the estimated drop to 2.5% from 3.4% in Q3. In annualized terms, the economy contracted 1.1% versus -1.8% expected and -3.8% previous.
Further, Caixin China services purchasing managers index fell to 51.5 in February from 52 in January, Caixin Media Co. and research firm Markit said Wednesday.
Aussie bulls unfazed by dismal Chinese Caixin Services PMI, risk-on sentiment supports gains.
Technical indicators also indicate a bullish continuation. Retrace has bounced off daily cloud and 50-DMA support
The pair has edged above 5-DMA and is on track to test 0.8135 (Jan 22 high). Retrace below 50-DMA negates bullish bias.