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Market Analysis

Home » Technical Analysis » Daily » AUD » AUDUSD- Disappointing Chinese GDP Can Dent Aussie Dollar?

AUDUSD- Disappointing Chinese GDP Can Dent Aussie Dollar?

Posted by FXTimes in AUD - January 19th, 2016 5:06 am GMT

aussie dollar audusd audnzd

Key Points

  • Australian Dollar came under a bearish pressure during the Asian session against the US Dollar.
  • AUDUSD is facing resistance around a bearish trend line on the hourly chart.
  • Chinese Gross Domestic Product (GDP) released by the National Bureau of Statistics of China registered a rise of 6.8% in Q4 2015, just as the market expected.
  • However, the GDP was down from the last increase of 6.9%.

Technical Analysis

The AUDUSD pair after sliding towards the 0.6840 support area found buyers and started a recovery. There is a major bearish trend line formed on the hourly chart, which is acting as a hurdle for more gains along with the 50 simple moving average.

AUDUSD chart

A break above the highlighted trend line and 50 MA could take the pair towards the next trend line resistance near the 100 hourly MA. The hourly RSI is just below the 50 level, and if broken may encourage buyers in the short term.

On the downside, the last low of 0.6840 holds the key for more losses.

Chinese GDP

Today, there was a crucial economic release in China, as the Chinese Gross Domestic Product (GDP) was published. The market was expecting a rise of 6.8% for the gross value of all goods and services produced by China in Q4 2015. The outcome was in line with the forecast, but it was lower compared with the last rise of 6.9%.

When we analyze the quarterly change, then the GDP rose 1.6% in Q4 2015, compared with the preceding quarter. It was less than the market forecast of 1.7%.

Overall, as long as the AUDUSD pair is below the highlighted trend line and 50 MA, it may continue trading down.

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