Investing.com - Investing.com - The Australian dollar rose against its U.S. counterpart on Tuesday, but gains were expected to remain limited as data showed that China's economy grew at a slightly slower pace than expected in the fourth quarter.
AUD/USD hit 0.6928 during late Asian trade, the session high; the pair subsequently consolidated at 0.6911, climbing 0.64%.
The pair was likely to find support at 0.6826, Monday's low and a nearly six-year low and resistance at 0.7005, the high of January 15.
Data earlier showed that China's gross domestic product rose 1.6% in the fourth quarter, below expectations for a 1.7% growth rate.
Year-on-year, China's GDP rose 6.8% in the three months to December, in line with expectations.
A separate report showed that China's industrial production increased by an annualized rate of 5.9% in December, compared to expectations for a 6.0% rise, after a 6.2% gain the previous month.
Meanwhile, investors remained cautious after oil prices fell below $28 per barrel on Monday, the lowest level in 12 years.
The renewed fall in oil prices came as Iranian exports were set to resume after Western sanctions were lifted, fueling fears over increased supplies amid a global supply glut and slowing demand.
The Aussie was higher against the euro, with EUR/AUD declining 0.86% to 1.5730.
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