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FxWirePro: AUD/USD slips lower from session highs, strong China PMI data fails to impress Aussie bulls
AUD/USD chart - Trading View
AUD/USD has slipped lower from session highs at 0.7407 and was trading at 0.7385, up 0.12% at around 04:05 GMT.
Aussie bulls remain unimpressed by strong China PMI data released earlier today and seem to track S&P 500 futures lower.
The data released early Monday showed China's economic activity extended its strong growth in November.
China's official manufacturing purchasing managers' index (PMI) rose to its highest since September 2017, printing at 52.1 in November from 51.4 in October.
The official non-manufacturing PMI ticked higher to 56.4, its highest reading since June 2012.
The Australian dollar was trading largely subdued as global equity markets trade weak, with S&P 500 futures declining 0.3% as vaccine news-led optimism fades.
Fears of further worsening in the global coronavirus (COVID-19) numbers along with Brexit jitters continue to dampen market’s optimism.
AUD/USD trades with a bullish bias, but upside is capped at upper Bollinger band at 0.7408. Over pressures may see some pullback.
Bullish bias intact as long as pair holds above 200W MA. Resumption of upside will see test of 78.6% Fib at 0.7573.