Forex: AUD/USD threatens weekly lows around 1.0380

FXstreet.com (Barcelona) - While Yen shorts are enjoying another party in a massive yen selling move in late Asia-Pacific session, with Nikkei index printing fresh 32-month highs at the same time, above the 11200 points mark, and Chinese markets are in the red following mixed PMI China data, AUDUSD is back again for third time in the week around the 1.0380 level, previous weekly double low.

The pair stalls the hammering ahead of the 1.0380 key figure, resuming the sell-off started around session highs at 1.0450, about the time when official PMI manufacturing data for China came in a bit worse than expected, with a gloomy outlook for the China/Aus trade relationship. Ever since the pair has been sold without hesitation, only pausing once final HSBC manufacturing PMI China came in better than expected, though that was not enough to stop the bleeding.

Immediate support to the downside for AUDUSD lies at current levels as previous weekly lows 1.0379, followed by Nov 09 lows at 1.0360, and Dec 2012 lows at 1.0320. To the upside, closest resistance shows at Monday's highs 1.0420, followed by yesterday's highs at 1.0451, and Tuesday's weekly highs at 1.0477.