A hotter-than-expected Chinese industrial production figure is good news for the Aussie dollar, a proxy for China.The data, though positive, is likely being taken by trades with a pinch of salt, given the Lunar New Year holidays usually distorts the economic numbers. Also, mild risk aversion as represented by a 0.20 percent decline in the S&P 500 futures
could be capping the upside in the AUD/USD
pair. As technically the pair trading on daily daily support with double bottom
chart pattern, we can see first target 0.7930/50, if break then it can be test near 0.8000.