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AUD/USD Daily Outlook

FX:AUDUSD   Australian Dollar/U.S. Dollar
209 0 3
Overall trend –Slightly bearish
AUD/USD             has retreated till 0.8158 after release of weak Chinese GDP data.
Chinese GDP grew 7.4% for the calendar year, lowest since 1990. Chinese economic growth has never fallen below 7.6% since 1990 which shows that Chinese economy is growing at slow pace.
So AUD is expected to trade slightly weaker in the coming days as Australian economy mostly depends on Chinese imports.
On the upside minor resistance is around 0.8300 and any break above will target 0.8378 (Dec 10th high)/0.84450.

The pair’s minor support is around 0.8150 and break below will take the pair to target 0.8060/0.7933 (61.8% retracement of 0.6005 to 1.10792) in short term.

Indicators (1 Hour chart)
CCI (50) - Sell
CCI (14) - Sell
Ichimoku- Sell

Recommendation: Sell AUD/USD             0.8215, SL 0.8300, Target 0.8065.
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