FxWirePro: AUD/USD erases gains, Aussie under pressure after weaker-than-expected China Manufacturing PMIs

AUD/USD chart - Trading View 

• AUD/USD erased early gains after weaker-than-expected China Manufacturing PMIs.
   
• Data released early today showed China’s manufacturing sector barely expanded in April with both government and private PMIs missing estimates.
   
• China's NBS Manufacturing PMI (Apr) printed at 50.1, missing the expected unchanged reading of 50.5.
   
• Meanwhile, the Non-Manufacturing PMI (Apr) slipped to 54.3 from 54.8 seen in March, missing the estimated print of 54.5.
   
• Further, China’s Caixin Manufacturing PMI (Apr) printed at 50.2, missing the estimated rise to 51.00 from the preceding month’s print of 50.8 by a big margin.
   
• AUD/USD extending declines as we write. The major trades at 0.7042 at 0430 GMT.
   
• Major trend in the pair is bearish. Break below 5-DMA support will see dip till 61.8% Fib at 0.6955.
   
• Focus on FOMC meeting for further impetus. U.S. ISM manufacturing and non-farm payrolls will also be watched.

Support levels - 0.7033 (5-DMA), 0.70, 0.6955 (61.8% Fib)

Resistance levels - 0.7094 (21-EMA), 0.7110 (55-EMA), 0.7140 (110-EMA)

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.