Forex: AUD/USD breaks above 1.04 on best HSBC PMI China of the year
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AUD/USD
FXstreet.com (Barcelona) - After 12 months reading below 50, today's flash HSBC PMI China shows a preliminary 50.4 figure, which prompts the Aussie to fresh session and 2-day highs at 1.0401 USD last, a +0.43% higher for the week. A reading above 50 means expansion in the economy.
Previous month reading was 49.5, with now many analyst calling for a bottoming in China's economic slowdown, which in the other hand, makes Chinese monetary stimulus programs look more unlikely to take place, leaving some risk takers aside. Currently at 1.0394, the pair is slightly retracing from mentioned fresh highs.
Immediate resistance to the upside for AUDUSD shows at recent session highs 1.0401, followed by Monday's highs 1.0423, while to the downside, closest support lies at yesterday's London session highs 1.0380, followed by yesterday's lows at 1.0338.
Previous month reading was 49.5, with now many analyst calling for a bottoming in China's economic slowdown, which in the other hand, makes Chinese monetary stimulus programs look more unlikely to take place, leaving some risk takers aside. Currently at 1.0394, the pair is slightly retracing from mentioned fresh highs.
Immediate resistance to the upside for AUDUSD shows at recent session highs 1.0401, followed by Monday's highs 1.0423, while to the downside, closest support lies at yesterday's London session highs 1.0380, followed by yesterday's lows at 1.0338.
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