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21 Aug 2015
AUD/USD dumps on lowest Manufacturing PMI since March 2009
FXStreet (Guatemala) - AUD/USD is currently trading offered post the Chinese data with a high of 0.7345.
AUD/USD is lower on the back of the Caixin Manufacturing PMI for August 47.1 vs 47.7 expected, the lowest reading since March 2009.
AUD/USD met lows on the back of yesterdays sell-off in the Chinese stock market below the 0.73 handle at 0.7215. However, there was a recovery up to 0.7362 as the US dollar faced a bad day overnight in London and in the US shift, with the dovish FOMC minutes a dark spot over the greenback. However, the S&P 500 had the worst day since Feb 2014 in risk-off markets and the short commodities trade was reversed, with Gold up to July pre fallout levels and oil was recovering some of the downside felt in the previous US session but traded heavy on $41.
AUD/USD levels
0.7600 is a psychological level on the upside on the wide range that is containing the downside in the major while nearer term resistance is felt at 0.7380, 0.7400/40 and 0.7589. "Major support below the 0.7235 July and 0.7218 current August lows can be seen between the long term 61.8% Fibonacci retracement at 0.7184, the 14 year support line at 0.7178 and the base of the two year channel at 0.716," explained Karen Jones, chief analyst at Commerzbank.
AUD/USD is lower on the back of the Caixin Manufacturing PMI for August 47.1 vs 47.7 expected, the lowest reading since March 2009.
AUD/USD met lows on the back of yesterdays sell-off in the Chinese stock market below the 0.73 handle at 0.7215. However, there was a recovery up to 0.7362 as the US dollar faced a bad day overnight in London and in the US shift, with the dovish FOMC minutes a dark spot over the greenback. However, the S&P 500 had the worst day since Feb 2014 in risk-off markets and the short commodities trade was reversed, with Gold up to July pre fallout levels and oil was recovering some of the downside felt in the previous US session but traded heavy on $41.
AUD/USD levels
0.7600 is a psychological level on the upside on the wide range that is containing the downside in the major while nearer term resistance is felt at 0.7380, 0.7400/40 and 0.7589. "Major support below the 0.7235 July and 0.7218 current August lows can be seen between the long term 61.8% Fibonacci retracement at 0.7184, the 14 year support line at 0.7178 and the base of the two year channel at 0.716," explained Karen Jones, chief analyst at Commerzbank.