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Forex pairs in this Article » EUR/USD (Barcelona) - Presently trading at 0.8945, AUD/USD ranged overnight, between a high at 0.8961 and a low at 0.8921, and saw its upside capped by the hourly 50 SMA.

Aussie dipped following Chinese PMI miss

AUD/USD dipped overnight to post a low at 0.8921 following softer than expected Chinese HSBC Manufacturing PMI data. The reading registered at 47.1 against 49.1 expected, and 48.4 previous. The move to the downside was limited however, but saw a rebound capped by the hourly 50 SMA. Matt Bacon-Hall of FXBeat adds that sell orders were positioned “between 0.8970-90, with stops commencing through 0.9010.” Traders will be mindful of comments made by the RBA’s Stevens last week, in which he indicated that he feels AUD is overvalued at present and better suited to correcting towards the USD 0.85 region.

What are today’s key AUD/USD levels and patterns?

Today’s central pivot point can be found at 0.8945, with resistance above at 0.8982 (R1), 0.9003 (R2) and 0.9040 (R3), and support below at 0.8924 (S1), 0.8887 (S2) and 0.8866 (S3). Matt Bacon-Hall of FXBeat sees support below at “0.8900-10 Macro bids, 0.8890 Sell stops, & 0.8860-80 Option, exporter and macro bids.” and resistance above at “0.9060 Buy stops commence, 0.9010 Buy stops for leveraged accounts commence, & 0.8970-90 Light offers prop accounts.” Support can be found within the range between 0.8945-11 where several key technical levels are clustered. Also, a Dark Cloud Cover Candlestick pattern can be found on the 1 hour chart.
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