The cross started the year on a big bearish China data pressures the commodity currency. The cross lost more than a 1% closed below all the daily moving except 100dsma.
The cross started the session on a positive note unable to handle 0.7300 levels fell to 0.7200 before the Chinese data. The Chinese data pressured the AUD further to 0.7150 levels.
Most of the analysts from banks are bearish on AUD in 2016. It seems Aussies have a tough time to spend a good amount of money in the overseas with their depreciated local currency but, benefits tourist.
Trading support finds at 0.7130, 0.7100 and 0.7060
Resistance seems at 0.7200, 0.7230 and 0.7260
Earlier daily higher swing low finds at 0.7096, 0.7015 and 0.6935levels. In case, if the bulls lost the 100dsma as well the price likely to drift further towards 0.7120 and 0.7070 levels.
Also read: Aussie dollar fundamental outlook of 2016