AUD/USD: Upbeat China PMIs favor bulls near fresh three month high around 0.7400


  • AUD/USD remains positive after China’s activity data for November flashed welcome signs.
  • November’s China NBS Manufacturing PMI, Aussie TD Securities Inflation flashed more than expected results.
  • Market mood stays cautious optimistic amid vaccine hopes, Brexit jitters and Aussie-China tussle.

AUD/USD rises to 0.7405, up 0.31% intraday, during Monday’s Asian session. In doing so, the pair cheers welcome prints of China’s official activity numbers for November, as well as vaccine hopes, near the fresh monthly high, marked earlier in the day, around the September top.

China’s November month NBS Manufacturing PMI grew past-51.5 forecast and 51.4 previous to 52.1 while the Non-Manufacturing PMI rose beyond 56.2 prior and 52.1 expected to 56.4.

Read: China data dump beats expectations

Earlier in the day, Australia’s TD Securities Inflation grew past-1.1% YoY to 1.4% whereas the monthly figures reversed -0.1% prior with +0.3% in November. Further, Australia’s Private Sector Credit eased in October, to 1.8% from 2.0%, while the Aussie third quarter (Q3) Company Gross Profits stepped back from 4.5% market consensus to 3.2% QoQ.

Other than the upbeat data, broad US dollar weakness also favors AUD/USD buyers. US dollar index (DXY) recently dropped to the lowest since April 2018.

Markets sentiment juggles between the coronavirus (COVID-19) vaccine hopes and the trade/political tension between Australia and China, as well as the Sino-American tussles. Also challenging the risk-on mood could be mixed updates concerning Brexit and the covid fears ahead of the vaccine arrival.

Against this backdrop, S&P 500 prints mild losses while stocks in Australia and Japan follow the suit.

Looking forward, a lack of major data/events may keep the AUD/USD traders directed towards risk catalysts for fresh impulse.

Technical analysis

Unless declining back below 0.7345/40 area, comprising highs marked between mid-September and November 17, AUD/USD bulls can keep July 2018 top surrounding 0.7485 on the radar.

Additional important levels

Overview
Today last price 0.7402
Today Daily Change 18 pips
Today Daily Change % 0.24%
Today daily open 0.7384
 
Trends
Daily SMA20 0.7277
Daily SMA50 0.7183
Daily SMA100 0.7187
Daily SMA200 0.6857
 
Levels
Previous Daily High 0.7399
Previous Daily Low 0.7352
Previous Weekly High 0.7399
Previous Weekly Low 0.7264
Previous Monthly High 0.7244
Previous Monthly Low 0.7002
Daily Fibonacci 38.2% 0.7381
Daily Fibonacci 61.8% 0.737
Daily Pivot Point S1 0.7357
Daily Pivot Point S2 0.7331
Daily Pivot Point S3 0.731
Daily Pivot Point R1 0.7405
Daily Pivot Point R2 0.7425
Daily Pivot Point R3 0.7452

 

 

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