AUD/USD: Bears regain control, despite upbeat China data dump

The AUD/USD pair is seen meandering near the lower bound of today’s trading range, as the bears shrug-off above estimates Chinese dataflow and keep the AUD undermined amid persisting risk-off flows.

AUD/USD offered below 5-DMA at 0.7567

Currently, the AUD/USD pair now drops -0.30% to 0.7543, having struck fresh session lows at 0.7538 in the last hour. The Aussie failed to cling onto upbeat Chinese data-led gains and quickly reverted to the red zone, as investors seem not to be buying into Chinese recovery talks.

While the AUD/USD pair also remains pressure in wake of recent upsurge in the global yields, which dulls AUD’s attractiveness as an alternative higher-yielding asset. Also, renewed weakness in oil prices and cautious sentiment seen on the Asian indices, collaborated to the downside in the major.

Besides, positive NAB business confidence numbers were also ignored by the Aussie, as attention now turns towards the Australian jobs report and US retail sales data due later in the week for fresh incentives.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7661/67 (daily high/ 5-DMA) above which gains could be extended to the next hurdle located at 0.7687 (50-DMA). On the flip side, the immediate support located at 0.7496 (100-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7425 (200-DMA).