FxWirePro: AUD/USD trades weaker, Aussie ignores upbeat Australia GDP and China Caixin PMI

Chart - Courtesy Trading View 

AUD/USD was trading 0.07% lower on the day at 0.7167 at around 05:35 GMT, after closing 0.29% lower in the previous session.

The pair is extending previous session's weakness, Aussie largely ignores upbeat Australia GDP and China Caixin PMI data.

The Australian Bureau of Statistics reported the quarterly GDP numbers at 0.8% against the estimates of 0.7% and the prior print of 3.4%. 

On an annualised basis, Australia GDP stood at 3.3% vs. the expectation of 3% and the former figure of 4.2%.

The IHS Markit has reported Caixin Manufacturing PMI at 48.1, higher than the forecasts and the prior print of 47 and 46 respectively.

On the other side, rising chances of an extreme hawkish stance by the Federal Reserve in its June monetary policy has strengthened the DXY.

Focus will remain on the US Nonfarm Payrolls (NFP) data, which is due on Friday. Analysts expect an addition of 320k jobs in April against 428k jobs recorded for March.

Price action is extending sideways around 55-EMA, technical bias is bullish, scope for test of immediate resistance at 110-EMA at 0.7221.