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FxWirePro: AUD/USD erases early losses after upbeat China PMI data, break above 21-EMA could fuel further gains
AUD/USD chart - Trading View
AUD/USD has erased early losses and was trading 0.34% higher at 0.6188 at around 05:40 GMT.
The major bounced back from session lows at 0.6072 and hit session highs at 0.6201 before paring some gains.
Stiff resistance is seen at 21-EMA at 0.6180 and decisive break above to see further upside.
China’s official Manufacturing and Non-Manufacturing PMIs for March surprised markets with upbeat numbers.
The headline manufacturing PMI stood at 52.00, beating forecast at 45 while the Non-Manufacturing PMI rose to 52.3 compared to 37.8 expected.
Among other data, Australia Private Sector Credit surged past 0.2% MoM forecast to 0.4% whereas HIA New Home Sales crossed -1.9% forecast and 5.7% prior with 6.2%.
Australia's weekly Consumer Confidence figures however, refreshed to record low while declining to 65.3 from 72.2 prior.
Aussie data recently flashed mixed signals, but surprisingly positive data from China and mildly positive risk-tone across markets keeps the pair supported.
Major trend is bearish, but minor trend is turning bullish. Stochs and RSI are biased higher and MACD shows bullish crossover on the signal line.
Decisive breakout at 21-EMA to see further gains. Scope for test of 61.8% Fib at 0.6449.
Support levels - 0.6109 (5-DMA), 0.5945 (200H MA)
Resistance levels - 0.6269 (50% Fib), 0.6449 (61.8% Fib)