AUD/USD hammered on China and risk off

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is not having a good start to the year with Chinese data yet again weighing on the Aussie. The manufacturing sector in the NBS PMI was yet again below 50 in contraction, missing expectations despite being a little above prior.

    The services sector was a little better improving vs the previous but the downside was the theme in the pair and was exacerbated today with the Caixan Manufacturing PMI came in way below expectations and prior. The data arrived at 48.2 vs 49.0 expected and 48.6 prior.

    AUD/USD levels

    Technically, we smashed below the 20 DMA at 0.7236 and now eye the 100 DMA at 0.7173. On the upside, the 200 DMA at 0.7412 pressures from above on the wide then the 3-month uptrend at 0.7086 should be respected as well as the 0.7017 November low and the September low is at 0.6940 for the downside levels.
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