AUD/NZD fighting back the bears post China data

Ross J Burland FXStreet

AUD/NZD rallied hard aft the Chinese data that propped up the Aussie, although AUD/USD found the 0.77 a tough nut to crack and halted the bulls.

AUD/NZD however managed to score over 40 pips and ran to 1.1122 highs. We have now had all the data from China as follows:

China's March Caixin manufacturing PMI came at 49.7 vs 48.2 expected and 48.0 last. Today's reading is the highest since March 2015, when the indicator printed 50.7. Before that, we had the official Manufacturing PMI for March from China came in as 50.2 vs expected and 49.4, prior 49.0. The Non-manufacturing that came out early arrived at 53.8 vs prior 52.7.8.

AUD/NZD is in bullish territory above the picot of 1.1085. It is resting back on what was R1 before the rally at 1.1106 falling just shy of R2 at 1.1132 before the 100 sma at 11.1138 with the highs reaching 1.1122. To the downside, 1.1036 is S1 and 1.1020 is R3 below the 200 1hr sma at 1.1032.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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