AUD/USD dumps on chinese data SHOCKER

By FXStreet FXStreet (Guatemala) – AUD/USD is on the offer and has made a low of 0.7038 so far, dropping 35 pips on recent trade. AUD/USD has dumped on the back of on the back of the Chinese data miss, lowest since March 2009.

The Caixin manufacturing PMI for September was predicted at 47.5 vs previous shocker of 47.3 but came out at an abysmal 47.0. This really does not do much good for outlook for the Aussie or risk on asset classes, exposing the September lows in AUD/USD. The greenback was already in favour while markets tighten the belt and move away from equities and commodities leaving the commodity bloc currencies vulnerable.

AUD/USD levels

The key downside level was 0.7050 and now, at this juncture, in line with the fundamentals as well, the 0.6905 recent low is exposed and then 0.6774 the 2004 low longer term. 0.7080 is first target ahead of the 200 SMA on the upside on the hourly chart at 0.7138 ahead of the 0.7200.
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Source:: FX Street