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1 Nov 2013
AUD/USD upwards on beating Chinese Manufacturing PMI
FXstreet.com (Athens) – The AUD/USD is supported today mostly because the biggest trader partner of Australia, China released a solid PMI at 51.4 versus 51.2 expected, making the fastest growth in 18-month.
The AUD/USD is trading upwards after 5 consecutive red days, now hovering near its daily highs as of 0.9481. The main catalyst that boosted the Aussie today is by far that the second biggest economy showed that is on the recovery path, as it released upbeating PMI data. Elaborating on, the Chinese PMI climbed to 51.5 level, making the fastest growth in 18-month time, while the Flash HSBC Chinese PMI soared to a 7-month high (50.9). Elsewhere, the solid data that were released in Australia has shelved thoughts of any RBA easing, at least for the moment.
Technical Aspects on the AUD/USD
Karen Jones Head Technical Analyst of Commerzbank, mentions that the “AUD/USD no change, the market continues to weigh on the downside and looks set for further losses to initially .9410, the 38.2% retracement and then .9336 the 55 day ma. The market has recently charted a key day reversal from the 200 day moving average at .9714 and this has left the market exposed on the downside. Intraday rallies are expected to struggle at .9530/55 and should ideally be contained by .9625. While capped here near term risks remain on the downside.”
The AUD/USD is trading upwards after 5 consecutive red days, now hovering near its daily highs as of 0.9481. The main catalyst that boosted the Aussie today is by far that the second biggest economy showed that is on the recovery path, as it released upbeating PMI data. Elaborating on, the Chinese PMI climbed to 51.5 level, making the fastest growth in 18-month time, while the Flash HSBC Chinese PMI soared to a 7-month high (50.9). Elsewhere, the solid data that were released in Australia has shelved thoughts of any RBA easing, at least for the moment.
Technical Aspects on the AUD/USD
Karen Jones Head Technical Analyst of Commerzbank, mentions that the “AUD/USD no change, the market continues to weigh on the downside and looks set for further losses to initially .9410, the 38.2% retracement and then .9336 the 55 day ma. The market has recently charted a key day reversal from the 200 day moving average at .9714 and this has left the market exposed on the downside. Intraday rallies are expected to struggle at .9530/55 and should ideally be contained by .9625. While capped here near term risks remain on the downside.”