AUD/USD holding 0.7350 on better-than-expected Caixin PMI headline

The Aussie remains upright as buyer's remain confidence heading into the new week.
Despite weak underlying, China Caixin PMI data provides further support for the upside.

Joshua Gibson FXStreet

The AUD/USD finds itself trading into the 0.7350 level, with intraday support coming from a better-than-expected Caixin PMI from China, while the 90-day extension on January's tariff action between the US and China is helping to revive broader risk appetite.

China Caixin manufacturing PMI showed new export orders extended decline in November

China's Monday Caixin PMI reading may have managed to beat expectations, printing at 50.2 versus the forecast 50.0 (last 50.1), the underlying figures reveal a cautionary note: the sub-index for new export orders in November shrank to 47.7, a decline from the previous month's 48.8.

The G20 Leader's Summit over the weekend saw a temporary de-escalation in trade war tensions between the US and China, with President Trump and China's Xi agreeing to hold off on any further tariffs or tariff rate hikes for another 90 days, easing market tensions about January's planned tariff hikes where the US was set to increase tariffs against China to 25%, and the extension will see the two sides returning to the negotiations table.

AUD/USD Technical Levels

AUD/USD

Overview:
    Today Last Price: 0.7351
    Today Daily change: 42 pips
    Today Daily change %: 0.575%
    Today Daily Open: 0.7309
Trends:
    Previous Daily SMA20: 0.7255
    Previous Daily SMA50: 0.7181
    Previous Daily SMA100: 0.7243
    Previous Daily SMA200: 0.7423
Levels:
    Previous Daily High: 0.7327
    Previous Daily Low: 0.7284
    Previous Weekly High: 0.7345
    Previous Weekly Low: 0.7199
    Previous Monthly High: 0.7345
    Previous Monthly Low: 0.7072
    Previous Daily Fibonacci 38.2%: 0.73
    Previous Daily Fibonacci 61.8%: 0.7311
    Previous Daily Pivot Point S1: 0.7286
    Previous Daily Pivot Point S2: 0.7264
    Previous Daily Pivot Point S3: 0.7243
    Previous Daily Pivot Point R1: 0.7329
    Previous Daily Pivot Point R2: 0.735
    Previous Daily Pivot Point R3: 0.7372

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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