China industrial profits drop for 1st time in 3 years, Aussie slips to 0.7055
China’s industrial profits for December fell for the first time in three years, arriving at -1.8% y/y versus 3.6% previous.
Reuters highlights the further details on the Chinese macro release:
“Decline in profits largely reflected slowing growth in sales and producer prices as well as rising costs.
Economists expect earnings to continue to worsen next year, weighed down by smaller gains in industrial prices in the face of cooling demand, with some even warning of the risk of deflation.”
Meanwhile, the AUD/USD pair reversed course and fell to 0.7055 lows from multi-day tops of 0.7077, as downbeat Chinese data weighed on the Aussie amid thin market trading.
However, the spot managed to find some support from the risk-on rally in the Asian equities, led by the upsurge in the Wall Street overnight following the US Treasury Secretary Mnuchin’s conciliatory on the Fed while markets overlook the partial US government shutdown.
AUD/USD Technical Levels
Today Last Price: 0.7058
Today Daily change: -13 pips
Today Daily change %: -0.184%
Today Daily Open: 0.7071
Previous Daily SMA20: 0.7191
Previous Daily SMA50: 0.7191
Previous Daily SMA100: 0.7202
Previous Daily SMA200: 0.7367
Previous Daily High: 0.7072
Previous Daily Low: 0.7032
Previous Weekly High: 0.7204
Previous Weekly Low: 0.7038
Previous Monthly High: 0.7345
Previous Monthly Low: 0.7072
Previous Daily Fibonacci 38.2%: 0.7057
Previous Daily Fibonacci 61.8%: 0.7047
Previous Daily Pivot Point S1: 0.7044
Previous Daily Pivot Point S2: 0.7018
Previous Daily Pivot Point S3: 0.7004
Previous Daily Pivot Point R1: 0.7084
Previous Daily Pivot Point R2: 0.7098
Previous Daily Pivot Point R3: 0.7124