Big week for AUD/USD; RBA and Chinese risk weighing heavy

By FXStreet FXStreet (Guatemala) – AUD/USD is within a bearish trend as early Asia walks in on the RBA interest rate decision day.

The pair was offered overnight in thin liquidity with London traders taking time out on a UK Bank Holiday, and drifted from away from the hourly 50 SMA and resisted by the 20 SMA on the same time frames while printing a low of 0.7082 when breaking down the 0.71 handle. The US shift offered some relief to the downside with a rally in the price of oil and the pair was able to re-base on the 0.71 handle for the Asian handover.

Week heating up for AUD/USD

This week will now start to heat up, with an initial focus on China and data arriving in the form of official NBS Manufacturing PMI for August, expected at 49.7% vs 50% in July and we have Non Manufacturing PMI for the same period at the same time. Later in the day we will have the final Caixin August PMI that will also be reported, expected at 47.1 flash reading. Australian building permits will be released between this Chinese data.

Ear to the ground on Chinese developments, implications for AUD/USD

We will …read more

Source:: FX Street