AUD/USD remains stuck between 100-DMA & 200-DMA after China data dump

A mixed China data failed to boost the demand for the Aussie dollar, leaving the AUD/USD pair in the four-day trading range largely defined by the 100-DMA (0.7555) and 200-DMA (0.7530).

China May industrial production came-in at 6.5% y/y, beating the estimate of 6.3%. Retail sales printed at 10.7%, bettering the estimate of 10.6%. Meanwhile, the urban investment (YTD) growth cooled to 8.6% from the April’s figure of 8.9%.

The 10-year Aussie government has hardly moved following the data release, which explains the lacklustre action in the AUD/USD pair. The yield was last seen trading largely unchanged on the day around 2.414%, while the AUD/USD was flat lined around 0.7535 levels.

AUD/USD Technicals

A break below 0.7516 (May 25 low) would expose 50-DMA support of 0.7479. An end of the day close below the same would signal the rally from the low of 0.7371 (June 2 low) has ended. On the higher side, a daily close above 100-DMA level of 0.7555 would open doors for a sustained rally to 0.7632 (Mar 7 high) and 0.7679 (Mar 30 high).

The daily RSI, though above 50.00, has turned flat lined, while the MACD shows loss of bullish momentum.