AUD/USD: dipping on soft Aussie data and more to come from China

Currently, AUD/USD is trading at 0.7559, down -0.15% on the day, having posted a daily high at 0.7575 and low at 0.7556.

AUD/USD has dropped a hand full of pips on the back of the February monthly business survey. This arrived on the soft side, as expected, in comparison to January's spikes. Business conditions stood at 9 vs 16 prior, while business confidence was 7 vs 10 prior. 

Australia's Feb monthly business survey gives back Jan surprisingly strong gains

We now await the Chinese fix and data that includes Feb fixed asset investment that is expected by the market to rise to 8.2%yr from Jan’s 8.1%yr. "Notable in Jan’s release was the absence of private sector activity," explained analysts at Westpac, adding, "Feb retail sales last came in steady at 10.4%yr despite stronger employment gains and Feb Industrial production was 6.0% in Jan with recent PMI readings showing positivity on current activity and new orders."

AUD/USD levels

AUD/USD near term outlook is neutralising. The market has been consolidating around the 200-day ma and 0.7530/50 levels. The 20-day ma is at .7633 serving as a near-term target on the bid, but should the 0.77 handle sell-off's reversal fail, 0.7480 is the key downside target for the near term. " Above 0.7637 20 day ma will allow for another run up to the 0.7740 recent high and above 0.7850 would target the 200-month ma at 0.7939," explained analysts at Commerzbank.