AUD/USD: downside pressures slowing up?

By FXStreet FXStreet (Guatemala) – AUD/USD is rolling over into early Asia having been in supply overnight in an extension to the offers from the vicinity of the 0.7280 resistance and is down to test the bulls commitments around the 200 SMA at 0.7128.

Commodities have taken a hit as well as Chinese data has been weighing in on the Aussie also, as Valeria Bednarik, chief analyst at FXStreet mentioned, “Where the MNI indicator for August fell down to 51.3, whilst July figure was revised down to 56.0 from a previous 57.1. We now wait for the key China Caixin flash manufacturing PMI that will be reported Wednesday.

Technically, MACD is turning less negative on the same time frame and the momentum of the downside has slowed, despite the penetration of the support of the rising channel. However, on continued downside, Karen Jones, chief analyst at Commerzbank. explained that, “Below 0.7050 will alleviate immediate upside pressure and retarget the 0.6905 recent low and then 0.6774 the 2004 low longer term.”
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Source:: FX Street