AUD/USD: Dull reaction to above-forecast China Manufacturing PMI

AUD/USD keeps gains near 0.7135 after strong China PMI data.
Traders eye the first election debate between Presidential Trump and Joe Biden.

Omkar Godbole FXStreet Contributor

The China-sensitive Aussie dollar is struggling to cheer the better-than-expected China data released soon before press time.

China's NBS or government Manufacturing PMI, which focuses on state-owned enterprises with easy access to credit, rose to 51.5 in September from 51 in August, beating the estimate of 51.2.

Meanwhile, the NBS Non-Manufacturing PMI, increased to 55.9 in September from 55.2 in August, bettering the forecast of 52.1 by a big margin. A reading above 50 indicates expansion.

In other words, growth in both the manufacturing and non-manufacturing sectors gathered pace in September.

So far, however, that has failed to put a bid under the Aussie dollar. AUD/USD is trading near 0.7135 – the level seen ahead of the release of the Aussie data – having hit a high of 0.7150 early Wednesday.

The pair's inability to capitalize on the strong China data could be attributed to caution ahead of the Presidential debate, which kicked off soon before press time.

Comments from President Trump and Democrat candidate Joe Biden could now move the AUD/USD pair and FX markets in general. Also, Caixin Manufacturing PMI, due in 30 mins, could influence the pair.

Technical levels

AUD/USD

Overview
Today last price	0.7134
Today Daily Change	0.0003
Today Daily Change %	0.04
Today daily open	0.7131

Trends
Daily SMA20	0.7223
Daily SMA50	0.7205
Daily SMA100	0.7019
Daily SMA200	0.6776

Levels
Previous Daily High	0.7138
Previous Daily Low	0.7068
Previous Weekly High	0.7325
Previous Weekly Low	0.7004
Previous Monthly High	0.7416
Previous Monthly Low	0.7076
Daily Fibonacci 38.2%	0.7111
Daily Fibonacci 61.8%	0.7095
Daily Pivot Point S1	0.7086
Daily Pivot Point S2	0.7041
Daily Pivot Point S3	0.7015
Daily Pivot Point R1	0.7157
Daily Pivot Point R2	0.7183
Daily Pivot Point R3	0.7228

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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