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AUDUSD stuck around 0.72, lacks the impetus

FX:AUDUSD   Australian Dollar / U.S. Dollar
Aussie failed to make a clear break above the 0.72 figure last week and since then can’t decide on the direction, struggling to resume the upside move. The bullish outlook turned neutral after rejection from the key resistance level , with upside risks have ebbed lately and now the pair lacks the directional impetus.

The tone for the pair is set by economic data from China and signals from monetary policy . The trade data from China this week showed a steep decline in exports and imports, which hurts the AUD amid signs of weakening economy. Against this backdrop, the Chinese officials announced new measures to boost economic growth but this step failed to give a lift to the pair as the dollar demand surged.

Aussie remains sensitive to alarming economic signals, which makes the Australian currency vulnerable to losses in a wider picture. In the short-term, the pair needs a more sustainable confirmation of the bullish tone in the oil market. After two days of profit-taking, Brent resumed the upside move and clings to the $61 handle. A break above this barrier could encourage AUD bulls should the global investor sentiment remains neutral-to-bullish in the near term.

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