1 Aug 2013
AUD/USD jumps into positive territory on upbeat PMI in China
FXstreet.com (New York) - The AUD/USD foreign exchange rate promptly eliminated its losses Thursday morning, jumping higher despite being held below the 0.9000 level during Asian trading following the Chinese PMI.
In China, the highly anticipated NBS Manufacturing PMI (July) came in at 50.3, relative to a figure of 50.1 previously.
AUD/USD technical levels
The AUD/USD is presently trading at the 0.8981 in these moments, securing a tepid advance of +0.02%. Technically speaking, the AUD/USD will face resistance at 0.9042 (200-day SMA), onto 0.9074 (July 31 high), and 0.9093 (July 30 high).
AUD/USD strategic bias
According to Jim Langlands at FX Charts, “The 4-hour charts are very oversold and we could see a rally to today’s session high at 0.9075 and possibly back to 0.9100. Beyond there 0.9155 is 61.8% of 0.9295/0.8935 although I don’t think we are going close to this today. I prefer to be selling rallies still, looking for a move to 0.8850 where, as I say I would be squaring up at the first attempt, and looking to sell into another rally for an eventual run towards 0.8780, which could come as early as next week when the RBA delivers its interest rate decision/press conference. A cut is now more or less written in, and the press conference is likely to be the main focus.”
In China, the highly anticipated NBS Manufacturing PMI (July) came in at 50.3, relative to a figure of 50.1 previously.
AUD/USD technical levels
The AUD/USD is presently trading at the 0.8981 in these moments, securing a tepid advance of +0.02%. Technically speaking, the AUD/USD will face resistance at 0.9042 (200-day SMA), onto 0.9074 (July 31 high), and 0.9093 (July 30 high).
AUD/USD strategic bias
According to Jim Langlands at FX Charts, “The 4-hour charts are very oversold and we could see a rally to today’s session high at 0.9075 and possibly back to 0.9100. Beyond there 0.9155 is 61.8% of 0.9295/0.8935 although I don’t think we are going close to this today. I prefer to be selling rallies still, looking for a move to 0.8850 where, as I say I would be squaring up at the first attempt, and looking to sell into another rally for an eventual run towards 0.8780, which could come as early as next week when the RBA delivers its interest rate decision/press conference. A cut is now more or less written in, and the press conference is likely to be the main focus.”