FxWirePro: AUD/USD trades in narrow range, mixed China data dump fails to provide clear direction

AUD/USD chart - Trading View 

AUD/USD was confined to narrow range trade as a mixed China data dump fails to provide clear direction.

The major was trading largely unchanged at  0.6453 at around 04:00 GMT, with session high at 0.6473 and low at 0.6446.

Data released earlier today showed China’s Retail Sales slipped below -7.0% forecast to -7.5% whereas Industrial Production grew more than 1.5% expected to 3.9% in April.

Rise in coronavirus (COVID-19) cases keeps the fears of second wave alive, which in turn weighs on the risk barometer across markets.

Further, the tension between the US and China also weighs. That said, hopes of further stimulus from the US limit the pair's downside.

On the data front, U.S. Retail Sales and UMitch Consumer Sentiment Index will be in focus for impetus.

Major Support Levels: 0.6423 (21-EMA), 0.6405 (55-EMA), 0.6372 (May 4th low)

Major Resistance Levels: 0.6465 (5-DMA), 0.6497 (110-EMA), 0.6576 (Upper BB)

Summary: Technical studies do not provide a clear directional bias. Strong support seen at 0.64 handle. Break below will change near-term dynamics.