24 Oct 2013
AUD/USD eases from 0.9670
FXstreet.com (Edinburgh) -The Aussie dollar is recovering from the earlier trough around 0.9620 vs. the greenback, with the AUD/USD now returning to the mid 0.96s after hitting highs near 0.9670.
AUD/USD propped up by Chinese data
The pair saw a sign of relief after the flash manufacturing Chinese PMI sponsored by HSBC rose to 50.9 for the present month, surpassing expectations and September’s print, climbing to fresh highs in the boundaries of 0.9670 soon afterwards. “The one-way traffic on bearish USD bets has at least been interrupted against the likes of AUD and NZD, with a sudden wave of headlines over China’s economy. We view these jitters as overdone while noting that China’s data momentum has peaked for now”.
AUD/USD key levels
The pair is now up 0.12% with the next resistance at 0.9716 (50% of 1.0583-0.8848) ahead of 0.9749 (MA200d) and then 0.9758 (high Oct.23). On the flip side, a breakdown of 0.9604 (low Oct.18) would open the door to 0.9527 (low Oct.17) and then 0.9499 (low Oct.16).
AUD/USD propped up by Chinese data
The pair saw a sign of relief after the flash manufacturing Chinese PMI sponsored by HSBC rose to 50.9 for the present month, surpassing expectations and September’s print, climbing to fresh highs in the boundaries of 0.9670 soon afterwards. “The one-way traffic on bearish USD bets has at least been interrupted against the likes of AUD and NZD, with a sudden wave of headlines over China’s economy. We view these jitters as overdone while noting that China’s data momentum has peaked for now”.
AUD/USD key levels
The pair is now up 0.12% with the next resistance at 0.9716 (50% of 1.0583-0.8848) ahead of 0.9749 (MA200d) and then 0.9758 (high Oct.23). On the flip side, a breakdown of 0.9604 (low Oct.18) would open the door to 0.9527 (low Oct.17) and then 0.9499 (low Oct.16).