AUD/USD – lackluster reaction to upbeat China data


Having strengthened in early Asia despite weak Australia services index data, the AUD/USD pair is now struggling to extend gains beyond 0.7585 levels even though the China services PMI number bettered estimates.  

Hovers around 0.7585

At the time of writing, the currency pair traded around 0.7585 levels. The Aussie managed to score gains in early Asia even though the Australian service sector index for August witnessed its biggest drop.

Meanwhile, China August service PMI released just now bettered estimates to print at 52.1. The upbeat figure could strengthen the bid tone around the pair, although the spot appears stuck around 0.7585 levels. With US on holiday, there is little scope for spike in volatility today. 

AUD/USD Technical Levels

The spot clocked a high of 0.7586 in Asia. A break above 0.76 (zero figure) would expose 0.7692 (Aug 26 high). A violation there would open doors for 0.7760 (Aug 11 high). On the lower side, break below 0.7567 (50-DMA) could yield 0.7545 (5-DMA) and 0.75 levels.

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD trades above 34-month lows after US retail sales miss

EUR/USD is trading around 1.0850, above the lowest since April 2017. The US Control Group disappointed by staying flat in January. Consumer sentiment beat expectations. Germany reported a 0% growth in Q4 2019. 

EUR/USD News

GBP/USD ticks down after reshuffle-related rally

GBP/USD is trading closer to 1.30, consolidating its gains after UK PM Johnson nominated Sunak as Chancellor instead of Javid, potentially directing fiscal stimulus. Brexit concerns and coronavirus developments are in play.

GBP/USD News

US retail sales modestly higher in January, soft in the details

Consumers kept to their habits boosting purchases last month but the holiday season was slower than its initial reading giving the New Year a soft beginning.

Read more

WTI climbs to fresh two-week highs above $52

The barrel of West Texas Intermediate (WTI) fell below the $51 handle on Thursday but recovered a large portion of its losses to close the day at $51.50 on easing concerns over the impact of the coronavirus outbreak on the global energy demand. 

Oil News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures