AUD/USD dips below 0.77 despite uptick in equities

• The AUD is under pressure, possibly due to dismal data and cautious stance of Chinese investors.
• Equities report gains, but fail to put a bid under the Aussie dollar.

AUD/USD is having a tough time even though the Asian equities and S&P 500 futures are flashing green.

The currency pair printed a low of 0.7695 a few minutes ago, and currently trades around 0.77. Meanwhile, S&P 500 futures are reporting a 0.40 percent rise. Japan's Nikkei index is up 1.63 percent and Australia's S&P/ASX 200 has gained 0.60 percent. Also, copper is up 0.28 percent.

However, the Shanghai Composite index is down 0.18 percent, possibly due to fears of the US-China trade war. The cautious stance of Chinese stock market investors could be hurting the Aussie dollar. Further, Australia's trade numbers released earlier today did not help the matters either.

AUD/USD Technical Levels

A close below 10-day moving average (MA) of 0.7689 would abort the immediate bullish view and could yield a re-test of 0.7643 (March 29 low) and 0.76 (ascending trendline support).

On the higher side, a move above 0.7726 (session high) would open up upside towards 0.7779 (100-day MA) and 0.7810 (200-day MA).