AUD/USD hits session high above 0.69 on above-forecast China Caixin Manufacturing PMI

AUD/USD is extending recovery on upbeat Caixin China Manufacturing PMI.
The upside could be capped by the below-forecast Aussie PPI released earlier today.

Omkar Godbole FXStreet Contributor

AUD/USD jumped 10 pips to 0.6907, extending the recovery from the low of 0.6884 seen in the early Asian trading hours after China's factory gauge bettered estimates.

The Caixin China Manufacturing PMI, which surveys small and medium-sized export-oriented units, came in at 51.7 for October, beating the estimated drop to 51.00 from September's 51.4 reading.

A number above 50 indicates expansion, meaning the factory activity grew at a faster pace in October.

Hence, it's no surprise that the AUD, a proxy for China, extended gains following the PMI release.

The Caixin data has come a day after the government PMI showed factory activity shrank for a sixth straight month in October and growth in the service sector fell to lowest since February 2016.

Also, Australia reported a below-forecast third-quarter Producer Price Index at 00:30 GMT.

As a result, the upside in the AUD could be limited. As of writing, the pair is trading at 0.6903.

Technical levels

AUD/USD

Overview
Today last price	0.6903
Today Daily Change	0.0005
Today Daily Change %	0.07
Today daily open	0.6894

Trends
Daily SMA20	0.6809
Daily SMA50	0.6796
Daily SMA100	0.685
Daily SMA200	0.6957

Levels
Previous Daily High	0.693
Previous Daily Low	0.6883
Previous Weekly High	0.6884
Previous Weekly Low	0.6808
Previous Monthly High	0.693
Previous Monthly Low	0.667
Daily Fibonacci 38.2%	0.6901
Daily Fibonacci 61.8%	0.6912
Daily Pivot Point S1	0.6875
Daily Pivot Point S2	0.6855
Daily Pivot Point S3	0.6828
Daily Pivot Point R1	0.6922
Daily Pivot Point R2	0.6949
Daily Pivot Point R3	0.6969

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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