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FxWirePro: AUD/USD mildly bid after upbeat China inflation data

AUD/USD chart - Trading View 

AUD/USD was trading marginally higher on the day at 0.7165 at around 04:00 GMT.

The pair has stalled previous session's slump after data released early today showed higher-than-expected Chinese CPI numbers.

Consumer Price Index, released by the National Bureau of Statistics of China showed China July CPI came in at +2.7% YoY, beating expectations at +2.6%.

Further, China July PPI printed at -2.4% YoY, better than forecasts at -2.5% in a Reuters poll.

The recent shift in the market’s mood along with upbeat inflation numbers from China have supported the pair and stalled downside.

Technical studies support upside. Bearish divergence on the daily charts keeps minor downside pressure.

21-EMA is major support at 0.7109. Break below will see further weakness. Dip till 55-EMA at 0.6954 then likely.

On the flipside, 200W MA is major resistance at 0.7254. Decisive break above eyes 78.6% Fib at 0.7573.

Major Support: 0.7109 (21-EMA), 0.6954 (55-EMA)

Major Resistance: 0.72 (Psychological mark), 0.7254 (200W MA)

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