AUD/USD has backed off from session highs, possibly due to weak China data. The bullish RSI divergence on the daily chart is still valid and suggests scope for a rise to resistance at 0.6774. AUD/USD is currently trading near 0.6605, having clocked a session high of 0.6615 an hour ago. Australia’s economy grew by a better-than-expected 0.5% in the December quarter and 2.2% over the past year, the official data released at 00:30 GMT showed. Even so, the AUD has pulled back from session highs. The bid tone may have weakened in response to the dismal China data released about 30 minutes ago. The Caixin/Markit services purchasing managers’ index (PMI) almost halved to just 26.5 in February from 51.8 in January. A reading below 50 indicates contraction. However, despite the pullback from 0.6615, the bias remains bullish, as the positive divergence of the 14-day relative strength index confirmed by Tuesday’s 0.74% gain is still valid. Only a break below the recent low of 0.6434 would invalidate the bullish divergence. The pair, therefore, remains on track to test the resistance of the trendline falling from Jan. 2 and Jan. 16 highs. At press time, the trendline hurdle is located at 0.6652. A close higher would confirm a bullish reversal and will likely bring additional gains toward 0.6774 (Feb. 5 high). Daily chart Trend: Bullish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Japanese coronavirus infections reach 1,000 cases – Reuters FX Street 3 years AUD/USD has backed off from session highs, possibly due to weak China data. The bullish RSI divergence on the daily chart is still valid and suggests scope for a rise to resistance at 0.6774. AUD/USD is currently trading near 0.6605, having clocked a session high of 0.6615 an hour ago. Australia's economy grew by a better-than-expected 0.5% in the December quarter and 2.2% over the past year, the official data released at 00:30 GMT showed. Even so, the AUD has pulled back from session highs. The bid tone may have weakened in response to the dismal China data released about… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.