The Retails Sales disappointment heavily impacted the Aussie Inflation rates in the US show a stronger economy with the Fed meeting around the corner Speculations about tapering drive the dollar performance The AUD/USD price analysis suggests a bearish price action. On Tuesday, two major countries’ economies released data that directly affects the pair. -Are you looking for automated trading? Check our detailed guide- By the end of the day, the pair suffered a major fall and finished barely above 0.7320. On one side, the data from Chinese industrial activity was disappointing for buyers of the pair. China’s industrial production growth increased by 5.3% YoY, 0.5% lower than the expected 5.8%, and below the previous 6.4%. But the major disappointment was The Retail Sales YoY. Forecasted 7%, it only grew by 2%. China is Australia’s main client. On the American side, the US economy looks stronger after the release of the inflation data. The development of the economy in August outperformed the forecast, and inflation rates were lower than expected, supporting the theory that high inflation is a temporary phenomenon and raising questions about the future decision of the Fed. Get FREE Forex Signals Now! We have some events to follow for the rest of the week in both the US and Australian economies. On Wednesday, Australia will publish the Employment Change and the Unemployment data. The US will release the Retail sales MoM data on Thursday, where they expect a decrease of 0.8%. Finally, we will know the Friday Michigan Consumer Sentiment data. As a result of negative news from the outside and fear regarding the economy’s performance due to the Covid-19, the pair faces negative pressure. So, risk-averse investors are encouraged to invest in the US Dollar as a safe haven. Hence, the pair is likely to test the resistance level of 0.7367 before going down to break the 0.7300 support and keep falling toward the 0.7125 level. -If you are interested in forex day trading then have a read of our guide to getting started- AUD/USD price technical analysis: Key SMAs to support On Monday, the 50-hour SMA stopped an uptrend that raised the price by 30 pips. On Tuesday, the resistance remained, and the pair price fell significantly towards the support level of 0.7310. AUD/USD hourly price analysis If bears break that price, the psychological 0.7300 level will be the big next support level. This after breaking the 50 DMA level at 0.7355. However, if the Aussie manages to recover and breaks the 0.7367 line (50-hour SMA), the next target for bull will be 0.7400. AUD/USD daily price analysis Looking to trade forex now? Invest at eToro! Trade Forex Now! 75% 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 EUR/USD Price Drops After US Inflation, Stays Above 1.1800 Saqib Iqbal 1 year The Retails Sales disappointment heavily impacted the Aussie Inflation rates in the US show a stronger economy with the Fed meeting around the corner Speculations about tapering drive the dollar performance The AUD/USD price analysis suggests a bearish price action. On Tuesday, two major countries' economies released data that directly affects the pair. -Are you looking for automated trading? Check our detailed guide- By the end of the day, the pair suffered a major fall and finished barely above 0.7320. On one side, the data from Chinese industrial activity was disappointing for buyers of the pair. China's industrial production growth… 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.