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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

AUD/USD

Overview:
    Today Last Price: 0.7058
    Today Daily change: -13 pips
    Today Daily change %: -0.184%
    Today Daily Open: 0.7071
Trends:
    Previous Daily SMA20: 0.7191
    Previous Daily SMA50: 0.7191
    Previous Daily SMA100: 0.7202
    Previous Daily SMA200: 0.7367
Levels:
    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

 

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