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AUD/USD tests the highs of last Friday after the data from China

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China's economic activity data for June showed: higher industrial output, stable GDP per year and better retail. However, quarterly GDP data showed a slight increase. The general expectation for the movement of gross domestic product for China is gradually decreasing, with the pace that is currently developing China's economy is the slowest in 30 years.

The good data definitely pleased the Australian dollar traders, which activated the bulls. They managed to push the price to the area around 0.70250, for now the price successfully passes through the resistance in the area around 0.70300 - 0.703200. If the tempo persists during the European and US trading sessions, we can see a potential attack at 0.70472, which is the level 100 of the corrective fibonacci.


 Trader Martin Nikolov

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