- AUD/USD edges lower from session highs at 0.7695, trades 0.03% lower at 0.7676.
- Aussie weakens across the board after China PMI misses expectations, hits 4-month low.
- China's PMI came in at 51.0, missing 51.7 expected and compared to the previous period's reading of 51.6.
- Focus now on US NFP data, with US employment and wage growth figures hitting the markets on Friday.
- Technical indicators are slightly bearish, but bullish divergence on RSI and Stochs keeps scope for upside.
- Price action remains capped at 1H 200-SMA at 0.7703 and we see bearish invalidation on break above.
Support levels - 0.7637 (converged trendline & 78.6% Fib), 0.76, 0.7532 (Nov 21 low), 0.75
Resistance levels - 0.7674 (5-DMA), 0.77, 0.7743 (61.8% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-recovery-capped-at-077-handle-bias-lower-good-to-short-rallies-1225438) still active.
Recommendation: Hold for further weakness.
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