FxWirePro: AUD/USD rangebound, disappointing China PMI and risk-off weigh
AUD/USD chart - Trading View
AUD/USD trades rangebound in the Asian session, bias remains bearish.
Disappointing China PMI and risk-off amid escalating Sino-U.S. trade war weigh.
China’s official manufacturing data dropped beneath market consensus, slipped to 49.4 versus 49.9 forecasts and 50.1 prior.
Non-manufacturing PMI also lagged behind 53.5 market consensus to match 54.3 prior.
Further, China unwilling to give up its principles, says it is ready with a plan to limit rare earth exports to the US if needed.
Major trend in the pair is bearish, recovery attempts capped at 20-DMA. Test of 78.6% Fib at 0.6862 likely.
Focus on US Core PCE Price Index and UoM Consumer Sentiment data due for release later today for further impulse.
Support levels - 0.6862 (78.6% Fib), 0.6835 (Falling trendline), 0.68
Resistance levels - 0.6931 (20-DMA), 0.6954 (61.8% Fib), 0.70
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