24 Mar 2014
AUD/USD suffers setback after downbeat China HSBC PMI
FXStreet (Bali) - AUD/USD is trading weaker after a worse-than-expected Chinese HSBC PMI, which came at 48.1 vs 48.7 expected, the fifth consecutive month of declines. The rate currently stands at 0.9054 after a session low of 0.9046.
Technically, while the decline is quite sharp, given the 0.6 points deviation with the expected result, it does not alter much the technicals, with 0.9050 still providing support ahead of next clusters of demand at 0.9035 and 0.90/0.9010. On the upside, 0.9070 is immediate resistance now, ahead of 0.91 round number.
Technically, while the decline is quite sharp, given the 0.6 points deviation with the expected result, it does not alter much the technicals, with 0.9050 still providing support ahead of next clusters of demand at 0.9035 and 0.90/0.9010. On the upside, 0.9070 is immediate resistance now, ahead of 0.91 round number.