AUD/USD heavy tone persists, China's Q4 GDP eyed

FXstreet.com (Bali) - AUD/USD traded on a heavy tone during inter-bank trading, holding just above Friday's low of 0.8764.

Key China data ahead

The AUD/USD, one of the worst performing pairs last week (-2.35%), awaits a bunch of Chinese indicators, including GDP Q4, retail sales, industrial production and FAI, in order to determine the next directional bias for the session.

The market remains clearly dominated by the sellers, so even if the data comes upbeat, watch for some strong clusters of offers to fake any initial upmove.

AUD/USD technicals

From a weekly perspective, a bearish outside bar engulfed the last 4 weeks of trading, a communication that any recovery in price should be seen as an opportunity to re-instate shorts. There is plenty of work to do on the upside, by regaining key levels such as 0.8830, 0.8860, 0.90, before technicals may start to improve and turn more constructive for buyers.

Flash: Specs add USD longs, European currencies sold - Nomura

For the week ended January 14, non commercial accounts bought $2.1bn of USD while selling mainly the European currencies, notes Nomura.
Leer más Next