Forex: AUD/USD capped below 1.04 despite best HSBC PMI China of the year

FXstreet.com (Barcelona) - Best preliminary HSBC PMI manufacturing data for China year to date has not been enough for AUDUSD to consolidate above 1.04 round, after it marginally broke above it when the news were out 3 hours ago. Aussie is currently at 1.0384 USD, almost flat for the session, only 10 pips above opening price. Market is now debating on whether RBA will cut rates or not at next Dec meeting, with futures pricing in a 55-60% change of doing so.

The pair is still higher though from weekly starting price by some +0.33%, currently finding resistance at previously ascending trend line coming from Oct lows around 1.0150, last passing by recent session highs at 1.0402. AUDUSD is going nowhere since Nov started, amid lowest volatility environment in the majors since year 2007, while finding support in the 1.0330 area where 200 day SMA moves, with a slightly descending slope.

Immediate resistance to the upside for AUDUSD shows at mentioned recent session highs 1.0402, followed by Monday's highs at 1.0425, and Nov 14 highs at 1.0462. To the downside, nearest term support lies at Tuesday's lows 1.0356, followed by yesterday's and weekly lows at 1.0336, and Friday's lows at 1.0287.