AUDUSD Chart Technical Outlook stalls below a key resistance area at 0.6700 following mixed data
The Aussie Dollar rallied on Friday, following soft US inflation figures but has stalled following uninspiring domestic and Chinese data. The positive risk mood is likely to keep downside attempts limited but it needs a fresh impulse to breach the 0.6690 – 0.6710 resistance area. Above here, the target would be 0.6760.
On the downside, the 4h 50 SMA, at 0.6655 is likely to hold bears ahead of 0.6620.
On the positive side, China’s Caixin Manufacturing PMI revealed a significant improvement in the sector’s activity, offsetting more disappointing official data. China is Australia’s best trading partner and these figures are likely to provide some support for the AUD.
