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AUD/USD chart on Trading View used for analysis
- AUD/USD has retraced from session highs at 0.7109 and is currently trading at 0.7097 at 0405 GMT.
- The pair edged higher earlier in the Asian session after upbeat China Caixin manufacturing PMI data.
- China's February Caixin manufacturing PMI came in at 49.9 beating expectations at 48.5 and compared to 48.3 last, as production expanded slightly in February.
- Upside in the pair was limited. Fed Chair Powell's upbeat remarks on US economy keep the bid tone around the USD.
- Technical studies also support further weakness in the pair. Next bear target 0.7072 (daily cloud).
- Below daily cloud, we see little support till lower Bollinger Band at 0.7037.
- On the flipside, immediate resistance is seen at 0.7135 (converged 5-DMA and 21-EMA). Bearish invalidation only above 110-EMA.
Call update: Our previous call (https://www.econotimes.com/FxWirePro-AUD-USD-Trade-Idea-1504363) has hit TP1.
Recommendation: Stay short for further downside.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
