AUD Initiates a Corrective Phase – Overview for July 17, 2023
<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/AUDUSD_7-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="AUD/USD analysis today" decoding="async" loading="lazy" style="margin-bottom: 15px;" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD/USD</a> takes a breather after its recent surge.</p>
<p>Following a period of upward <a title="<div class="wpg-tooltip-content"><p>Momentum is an indicator of the speed and direction of price change over a specific time frame.</p></div>" href="https://blog.roboforex.com/glossary-terms/momentum/">momentum</a> in July, the Australian dollar is currently undergoing a correction against the US dollar. The current AUD/USD exchange rate stands at 0.6808.</p>
<p>After reaching a new high on June 16th this year, the Australian dollar entered a correction phase.</p>
<p>Today's economic data from China presented a mixed picture. The only report surpassing expectations was the June industrial production figures, which exhibited a year-on-year increase of 4.4% compared to the previous rise of 3.5%. However, other data points appeared inconsistent.</p>
<p>China's <a href="https://blog.roboforex.com/blog/2019/10/29/trading-news-how-to-make-money-on-gdp/" data-internallinksmanager029f6b8e52c="93" title="GDP">GDP</a> for Q2 2023 grew by 6.3%, showing improvement compared to the previous reading of 4.5%. However, this figure fell short of the expected growth rate of 7.1%. Additionally, the volume of fixed asset investment increased by 3.8% year-on-year, which is lower than the previous month.</p>
<p>Retail sales in June returned to normal levels following a surge in May, while the unemployment rate remained unchanged at 5.2%.</p>
<p>Strong <a href="https://blog.roboforex.com/blog/2019/11/07/economic-indicators-the-basis-for-forex-trading-strategy/" data-internallinksmanager029f6b8e52c="94" title="Economic Indicators">economic indicators</a> from China typically lend support to the Australian dollar, given China's status as Australia's primary trading and economic <a href="https://blog.roboforex.com/blog/2021/07/30/how-to-become-a-successful-partner-of-a-forex-broker/" data-internallinksmanager029f6b8e52c="194" title="Partner">partner</a>. However, today's reports are more neutral in nature, suggesting that China is addressing its internal challenges at a measured pace.</p>
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