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1 Apr 2013
Forex: AUD/USD below 1.04 after disappointing China PMI
FXstreet.com (Barcelona) - AUD/USD breaks a little bit to the downside last at 1.0390 on the back of disappointing China PMI Manufacturing coming out at 50.9 when 52 was expected. Not much of a move though so far, given data is above key 50 figure for sixth consecutive month. China HSBC final PMI Manufacturing data will be next at 01:45 GMT as next risk event of the session.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the pair has got “a slightly bearish tone in the hourly chart,” the analyst says, while “In the 4 hours one, price remains below 20 SMA that gains bearish slope above current price, while indicators aim higher still below their midlines,” she notes, adding: “A recovery should extend now above the 1.0440 area to deny the possibility of more slides, while once below the 1.0400 mark, there’s scope for a continuation towards 1.0330 support area,” Valeria suggests.
The analyst locates support levels at: 1.0390, 1.0360 and 1.0330, while resistance levels at: 1.0440, 1.0480 and 1.0520.
According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the pair has got “a slightly bearish tone in the hourly chart,” the analyst says, while “In the 4 hours one, price remains below 20 SMA that gains bearish slope above current price, while indicators aim higher still below their midlines,” she notes, adding: “A recovery should extend now above the 1.0440 area to deny the possibility of more slides, while once below the 1.0400 mark, there’s scope for a continuation towards 1.0330 support area,” Valeria suggests.
The analyst locates support levels at: 1.0390, 1.0360 and 1.0330, while resistance levels at: 1.0440, 1.0480 and 1.0520.