AUD/USD downside bias post big Chinese data miss

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.7300 to the downside with a high of 0.7324 and a low of 0.7290 so far.

AUD/USD has moved to the downside on the back of the final reading for the Caixan Manufacturing PMI for July that arrived as a two year low and lower than expected with a big miss as 47.8 vs 48.3 expected.

This has come after a series of Chinese data releases that included the NBS Chinese Manufacturing PMI. This arrived at 50 for July vs 50.1 expected while prior was 50.2, and the Non-manufacturing PMI for the same month arrived as 53.9. We have also had the TD Securities inflation data that fell in higher today than prior for the both YoY and MoM for the month of July. We now are sitting tight for the unemployment data this week for Australia and a number of US releases before the key Nonfarm Payrolls showdown at the end of the week.

Technically within a void above key supports

AUD/USD has been trying to recover from the base of the two-year channel at 0.7188 while the Fibonacci retracement at 0.7185 and the 14 year support line at 0.7144 …read more

Source:: FX Street