AUD/USD revisits daily lows on poor China data dump

A minor-recovery witnessed in the AUD/USD pair lost pace following the release of a string of below estimates Chinese economic data, which sent the major back towards daily lows.

AUD/USD capped below 5-DMA on data

Currently, the AUD/USD pair trades -0.30% lower at 0.7674, having tested daily lows struck previously at 0.7671. The AUD/USD pair met fresh supply after the Chinese data dump came in slightly softer in July, refuelling China slowdown worries. China is Australia’s top trading partner.

The Aussie ended its four-day winning streak and edged lower this Friday, as markets took profits off the table after the recent strength. Meanwhile, a retreat in the copper prices is also partly responsible for the losses in the resource-linked AUD.

Markets now look forward to the US economic releases, with the main focus on the retail sales and PPI data due later in the NA session.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7757 (multi-month tops) above which gains could be extended to the next hurdle located at 0.7700 (round figure). On the flip side, the immediate support located at 0.7647 (5-DMA). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7607 (daily S3).