AUDUSD Short on Fib Levels Trend Line Resistance

Fib levels on the Aussie dollar have recently been interesting retracement levels with price action reversing at these price points. Technicals suggest a pullback, but could edge a bit higher before we see significant moves lower. Fundamentals also show downward movement BUT ONLY if Chinese growth continues to slow as the Aussie economy is probably the best exogenous proxy for Chinese growth. Vice versa, we can expect Chinese growth to pick up if data out of Australia is healthy. Overall though, my thesis is short, but is open to adjustment if the upward trend in data from China and Australia continues to show healthy growth.