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20 Feb 2014
AUD/USD bounces off 0.8940
FXStreet (Edinburgh) - The Aussie dollar is consolidating its trade in the negative camp on Thursday, taking the AUD/USD to the 0.8955/60 area post-Chinese data.
AUD/USD hurt by China
The pair dropped from the area of 0.9015 to 0.8950 after the flash Chinese manufacturing PMI print sponsored by HSBC missed expectations in February, falling to 48.3 vs. 49.4 expected. The result casted a mantle of doubt over the Chinese economic growth prospects, extending the downside momentum in the index which is now seems to be consolidating below the 50 threshold. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Intraday rallies will find initial resistance at .8980 ahead of .9086, which is now expected to cap/ Above .9086 would introduce scope to the 200 day ma at .9211, but this is less favoured”.
AUD/USD key levels
The pair is now losing 0.49% at 0.8954 with the next support at 0.8928 (low Feb.13). On the flip side, a breakout of 0.9070 (high Feb.17) would open the door to 0.9087 (high Jan.13) and then 0.9152 (high Dec.11).
AUD/USD hurt by China
The pair dropped from the area of 0.9015 to 0.8950 after the flash Chinese manufacturing PMI print sponsored by HSBC missed expectations in February, falling to 48.3 vs. 49.4 expected. The result casted a mantle of doubt over the Chinese economic growth prospects, extending the downside momentum in the index which is now seems to be consolidating below the 50 threshold. According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “Intraday rallies will find initial resistance at .8980 ahead of .9086, which is now expected to cap/ Above .9086 would introduce scope to the 200 day ma at .9211, but this is less favoured”.
AUD/USD key levels
The pair is now losing 0.49% at 0.8954 with the next support at 0.8928 (low Feb.13). On the flip side, a breakout of 0.9070 (high Feb.17) would open the door to 0.9087 (high Jan.13) and then 0.9152 (high Dec.11).