|

AUD/USD stays depressed below 0.6700 on downbeat China Caixin Manufacturing PMI

  • AUD/USD remains pressured around one week low, fades bounce off intraday low of late.
  • China Caixin Manufacturing PMI for March ease to 50.0 versus 51.7 expected and 51.6 prior.
  • Australia Building Permits for February prod AUD/USD sellers.
  • Sour sentiment, pre-NFP anxiety joins dovish bias for RBA to weigh on the Aussie pair.

AUD/USD struggles to overcome intraday losses as the latest statistics from China and Australia join sour sentiment during early Monday. That said, the Aussie pair holds lower ground near 0.6665 by the press time amid fears of RBA’s dovish hike and softer US data surrounding activities and employment.

That said, China’s Caixin Manufacturing PMI for March drops to 50.0 from 51.6 prior and 51.7 market forecasts.

Further, Australia’s TD Securities Inflation eased to 0.3% MoM and 5.7% YoY for March versus 0.4% and 6.3% respective priors, which in turn joins the previous week’s downbeat inflation and Retail Sales figures from the Pacific major to strengthen the dovish bias for the Reserve Bank of Australia’s (RBA) next move.

Earlier in the day, news surrounding the OPEC+ output cut weighed on the sentiment and the AUD/USD prices as less energy output suggests a further increase in the Oil price and more pressure on Inflation.

It's worth observing that the CME’s FedWatch Tool recently suggests an increase in the hawkish bias for the Federal Reserve’s (Fed) 0.25% rate hike in May, versus less than 50% chances supporting the event seems in the last week., which in turn weigh on the AUD/USD prices.

Given the risk-off mood and mixed signals, AUD/USD pair may remain pressured around the short-term key support line. However, Monday’s US ISM PMI and Tuesday’s RBA Interest Rate Decision will be the key event for the Aussie pair traders to watch for clear directions.

Also read: AUD/USD approaches 0.6670 key support with eyes on RBA, US NFP

Technical analysis

Recently steady RSI (14) and bullish MACD signals join a three-week-old ascending support line to challenge AUD/USD bears near 0.6670, a break of which can direct AUD/USD bears towards the previous monthly low surrounding 0.6560. Meanwhile, recovery remains elusive unless crossing the 200-DMA hurdle of near 0.6750 by the press time.

Additional important levels

Overview
Today last price0.6669
Today Daily Change-0.0017
Today Daily Change %-0.25%
Today daily open0.6686
 
Trends
Daily SMA200.6662
Daily SMA500.6819
Daily SMA1000.68
Daily SMA2000.6752
 
Levels
Previous Daily High0.6738
Previous Daily Low0.667
Previous Weekly High0.6738
Previous Weekly Low0.6634
Previous Monthly High0.6784
Previous Monthly Low0.6564
Daily Fibonacci 38.2%0.6696
Daily Fibonacci 61.8%0.6712
Daily Pivot Point S10.6658
Daily Pivot Point S20.6631
Daily Pivot Point S30.6591
Daily Pivot Point R10.6725
Daily Pivot Point R20.6765
Daily Pivot Point R30.6793

Author

Anil Panchal

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

More from Anil Panchal
Share:

Editor's Picks

GBP/USD declines as market caution lifts US Dollar

GBP/USD extends its gains for the second successive day, trading around 1.3200 during the Asian hours on Wednesday. The currency pair depreciated as the US Dollar gained momentum, driven by a combination of robust domestic economic data and a complex, mixed geopolitical landscape.

EUR/USD weakens below 1.1400 as Fed hike bets lift US Dollar

The EUR/USD pair trades on a negative note near 1.1380 during the early Asian trading hours on Wednesday. The major pair extends the decline as traders continue to assess the developments surrounding the US-Iran peace deal.

Gold nurses losses near $4,100 as Fed hike bets support USD

Gold recovers slightly from a fresh two-week low, near $4,070 touched during the Asian session on Wednesday, though it lacks follow-through. The US Dollar stands firm near its highest level since May 2025 amid firming expectations of a Fed rate hike, which, in turn, is seen undermining the non-yielding bullion. Furthermore, mixed US-Iran signals further favor the USD bulls.

Global strategy 3Q 2026
With the signing of a framework agreement and subsequent negotiations between the U.S. and Iran in June, the outlook for the third quarter is favorable. Oil prices have already fallen sharply, and futures are pricing in a further decline over the course of the year. This will ease the burden on consumers and reduce uncertainty among businesses, with positive effects on the economy.
"Rearranging the deckchairs on the Titanic": UK's fiscal crisis outlasts another Prime Minister

Keir Starmer's resignation as the UK Prime Minister comes ten years after the Brexit referendum vote, a coincidence that financial markets have been quick to note. The British Pound trades around 1.3220 against the US Dollar on Thursday.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.