Thursday, October 1, 2015

AUD/USD: demand at 1hr50 SMA ahead of Chinese data

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7005 with a high of 0.7024 and a low of 0.6998.

AUD/USD is currently picking up some support after a sell-off in early Asia ahead of key Chinese data inputs that will come of today's Asian session. The price dropped from 0.7018 to 0.6998 the lows and is currently finding a footing back on to the 0.70 handle as we await Tokyo's open. The price has been supported again at the 50 SMA on the hourly chart that is currently at 0.6997.

AUD/USD and Chinese data due

The official China Sep PMI is due at 11am Syd and 9am local time while the consensus is for yet another print below the 50 mark at 49.7 and unchanged from August. The Caixin/Markit final PMI will come out at 11.45am Syd and 9.45am local and there is not expected to be a change from the flash reading of 47.0. AUD/USD should garner demand on any upside surprises.

AUD/USD levels, bearish bias

Technically, AUD/USD is trading with a bearish bias while headwinds keep pressures to the downside below the 55 day ma at 0.7209 where it recently failed on the 27th August. The 50 SMA on the hourly is offering near term support on dips within the minor recovery from 0.6936 recent low. The 200 SMA lies at 0.7047 and 20 DMA at 0.7055 is compelling to the bulls, but while below there, the recent low is back in focus ahead of the 0.6905 psychological support and the 0.6774 2004 low.
For more information, read our latest forex news.

No comments:

Post a Comment