AUD/USD rises to the 2-week top despite dismal Chinese data. Chinese seaport closure and iron ore price may weigh on the Aussie. Further, Chinese M2 money supply data is important after stimulus measures. The AUD/USD price analysis suggests a clear bullish scenario as the pair ignores dismal Chinese data and heading upwards beyond the 0.7300 mark. The AUD/USD pair refreshes the two-week top at 0.7330, up 0.48% on Tuesday, at the time of writing. –Are you interested to learn more about ECN brokers? Check our detailed guide- China’s PMI (Purchasing Managers Index) has received a muted response from Australia despite disappointing figures. In spite of this, the manufacturing purchasing managers’ index approached the level of 50.1 rather than 50.2. Generally, the last number is more important to the market. The Australian building approval and current account figures missed expectations. Still, the Aussie sellers were not impressed and buyers continue to dominate the market. Continuing threats to growth prospects have affected survey respondents’ outlook due to the Delta Covid variant. For example, several seaports were closed last month, and flight data showed that the number of passengers had declined since the Delta variant began spreading. Two weeks ago, China’s weaker economic data was linked to the PMI, with retail sales (8.5% y/y) and industrial production (6.4% y/y) below expectations. Following the publication of this data, the NBK announced more incentive measures. Therefore, further stimulus measures will be sought by the markets. Get FREE Forex Signals Now! The Chinese government will release data on trade, inflation, and cash supply in two weeks. In addition, market participants will pay attention to M2 to see the effect of the announcement of liquidity injections. Future prospects for many Chinese exports could be further harmed by the delta variant. For example, the Australian dollar and iron ore prices are likely to suffer because of this. In addition, the biggest market for Australia’s exports is threatened by potential closures of Chinese ports after several have reopened. The price of iron ore has stabilized since China resumed shipping routes. However, AUD/USD is still in a downtrend. Therefore, the Australian dollar may be affected by declining prices for iron ore. –Are you interested to learn more about making money in forex? Check our detailed guide- AUD/USD price technical analysis: AUD/USD 4-hour price chart analysis The AUD/USD bulls are heading to 200-period SMA on the 4-hour chart. The pair have done a 67% average daily range while volume is slowly rising. As long as the price remains above 0.7300, the bulls will remain in charge and may look for targets around 0.7380 – 0.7400. However, the first hurdle is 200-period SMA that may hamper the uptrend a little. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal AUD/USD Daily Outlooks share Read Next Ripple Price Trades Sideways: Time To Buy XRP Before Rise? Gerald Fenech 1 year AUD/USD rises to the 2-week top despite dismal Chinese data. Chinese seaport closure and iron ore price may weigh on the Aussie. Further, Chinese M2 money supply data is important after stimulus measures. The AUD/USD price analysis suggests a clear bullish scenario as the pair ignores dismal Chinese data and heading upwards beyond the 0.7300 mark. The AUD/USD pair refreshes the two-week top at 0.7330, up 0.48% on Tuesday, at the time of writing. –Are you interested to learn more about ECN brokers? 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