FxWirePro: AUD/USD depressed below 0.71 handle post-RBA, dismal China PMI data weighs

AUD/USD chart - Trading View 

• AUD/USD is trading 0.27% lower on the day at 0.7072 at 0400 GMT.
   
• The major fell sharply on big miss in China PMI data, and failed to pick up bids post RBA.
   
• Data released earlier today showed China services purchasing managers’ index (PMI) for February came in at 51.1, missing the estimate of a rise to 53.8 from the previous month’s print of 53.6. 
   
• The RBA kept rates unchanged as expected and also retained neutral stance, but Aussie struggling to pick up bid.
   
• Technical studies support weakness in the pair. Momentum with the bears.
   
• Currently, price holds support at daily cloud. Break below will see weakness accentuate.
   
• We see little support till 0.7021 (Oct 26 low). Bearish invalidation only above 110-EMA.

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