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FxWirePro: AUD/USD slips lower, markets digest surprise PBOC benchmark cut
Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.07% lower on the day at 0.7205 at around 07:15 GMT
Previous Week's High/ Low: 0.7314/ 0.7148
Previous Session's High/ Low: 0.7293/ 0.7198
Fundamental Overview:
Chinese data released earlier in the day showing that the GDP grew 4% year-on-year and 1.6% quarter-on-quarter in the fourth quarter of 2021.
The data also showed that industrial production grew 4.3% year-on-year and retail sales grew 1.7% year-on-year in December, while the unemployment rate was at 5.1%.
Mixed data, risk-off mood and firmer USD weigh on the pair. Market digest the People's Bank of China (PBOC) surprise benchmark cut.
PBOC cut borrowing costs for medium-term loans for the first time since April 2020.
Technical Analysis:
- AUD/USD is extending weakness for the 3rd straight session
- Price action has failed to hold break above daily cloud
- RSI has slipped below the 50 mark and is biased lower
- The pair has slipped below 200H MA and GMMA has turned bearish on the intraday charts
Major Support and Resistance Levels:
Support - 0.7165 (Trendline), Resistance - 0.7239 (5-DMA)
Summary: AUD/USD trades with a bearish bias. The par is on track to test trendline support at 0.7165.
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