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Forex: AUD/USD lower on Chinese data, holds above 1.0200

With Chinese data over the weekend slightly below estimates, AUD/USD opens the week in Asia-Pacific lower, printing fresh 4-day lows at 1.0202, previous weekly open, and -0.32% for the day so far from previous weekly close Friday, following much better than expected US NFP, best in 12 months. Chinese CPI year on year came in higher than anticipated at +3.2% vs +3.0%, but PPI came in in line with previous and lower than expected, in the negative for 12 months in a row, at -1.6%, while industrial production was +9.9% vs 10.4% and retail sales at 12.3% vs 14.5%.


As FXWW founder Sean Lee notes: “The AUD/USD is caught up between the strong USD and heavy cross demand in pairs like AUD/JPY and GBP/AUD. In AUD/USD, I prefer to play the edges of a 1.0180/1.0300 range, and those looking for volatility should look elsewhere,” the analyst suggests, as no major economic news are scheduled for today's Asian session. Australian ASX closed Friday still above the 5100 points mark, up +0.28% for the day. AUD/USD is last at 1.0211.

Immediate support to the downside for AUD/USD lies at mentioned session lows 1.0202, followed by Feb 27/Mar 01 lows at 1.0180, and Sept 05 lows at 1.0162. To the upside, closest resistance shows at Thursday's lows 1.0220, followed by Friday's Asian session lows and weekly close at 1.0235, and Friday/Thursday's highs at 1.0287/90.

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