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25 Feb 2013
Forex: AUD/USD prints lower lows on bad Chinese data
Much lower than expected HSBC manufacturing PMI China at 50.5 vs 52.2 expected and 52.3 for previous month, has pushed Aussie to fresh session and weekly lows at 1.0265, down so far -0.54% from previous weekly close Friday.
Initial comments on a WSJ article over the weekend warning on hidden risks of a hard landing in Chinese economy also put pressure to the downside in the pair, breaking below the 1.03 mark in early Asia-Pacific trade.
Immediate support to the downside for AUD/USD lies at current levels as Thursday's highs around 1.0260, followed by Feb 12/21 lows at 1.0226/20, and Sept 06 lows at 1.0160. To the upside, closest resistance shows at previous session lows 1.0278, followed by Friday's NY session lows at 1.0295, and previous weekly close at 1.0320.
Initial comments on a WSJ article over the weekend warning on hidden risks of a hard landing in Chinese economy also put pressure to the downside in the pair, breaking below the 1.03 mark in early Asia-Pacific trade.
Immediate support to the downside for AUD/USD lies at current levels as Thursday's highs around 1.0260, followed by Feb 12/21 lows at 1.0226/20, and Sept 06 lows at 1.0160. To the upside, closest resistance shows at previous session lows 1.0278, followed by Friday's NY session lows at 1.0295, and previous weekly close at 1.0320.