AUD is supported by Chinese Industrial production

China's industrial production grew 6.9% on year in October, above +6.7% expected.


Earlier today, government data showed that China's industrial production grew 6.9% on year in October, above +6.7% expected. October Unemployment rate fell to 5.3%, below 5.5% expected. As the Australian economy is closely linked to China, AUD is positively impacted by good Chinese data.

From a technical point of view, on a daily chart, AUD/USD has broken above a declining trend line and stands above its 50-day moving average (in blue). Readers may therefore consider the potential for further rise above horizontal support at 0.7100. The nearest threshold would be set at September top at 0.7415 and a second one would be set at horizontal resistance at 0.7520 in extension.

Source: TradingView, GAIN Capital

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