FxWirePro: Poor China’s PMI data dents Aussie, good to sell AUD/USD rallies

• Poor China's PMI data over the weekend, along with lower commodities' prices continue to dent sentiment, weighing on the Aussie.
   
• Aussie halted its four-day winning streak and edged lower to currently trade at 0.7061.
   
• Downward bias gathers momentum after data showed that China's official PMI gauge slid to a three-year low of 49.4 in January.
   
• Th Caixin PMI came in at 48.4, against 48.2 in December, although still in deep contraction.
   
• The week ahead has some important data lined up for the Aussie, Tuesday's RBA cash rate announcement,  retail sales, monetary policy statement, business confidence ...
   
• US NFP report is expected to gain a lot of attention this week and will have a major impact on the pair.

Recommendation: Good to sell AUD/USD rallies around 0.7070, SL: 0.7130, TP: 0.70/0.6920

Resistance Levels:

R1: 0.7083 (Session highs)

R2: 0.7140 (Jan 29 highs)

R3: 0.7159 (Nov 13 highs)

Support Levels:

S1: 0.7052 (5-DMA)

S2: 0.7002 (converging 10&21 DMAs)

S3: 0.6992 (Jan 27 lows)