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Chart - Courtesy Trading View
AUD/USD was trading 0.36% higher on the day at 0.6752 at around 04:10 GMT, up from session lows at 0.6694.
The antipodeans buoyed after the release of higher-than-anticipated Caixin Manufacturing PMI data.
The IHS Markit has reported the Caixin Manufacturing PMI data at 51.6, higher than the expectations of 50.2 and the former release of 49.2.
Further, China’s National Bureau of Statistics (NBS) Manufacturing PMI (Feb) printed higher at 52.6 vs. the consensus of 50.5 and the prior release of 50.1.
The Services Manufacturing PMI spiked to 56.3 against 54.4 released in January beating forecasts for a downbeat figure at 49.7.
On the other side, US Dollar Index (DXY) remains under pressure trades 0.07% lower on the day at 104.87 ahead of the release of US ISM Manufacturing PMI data.
US ISM Manufacturing PMI is seen at 48.0 from 47.4 prior. Further, the New Orders Index is expected to rebound to 43.7 from the prior figure of 42.5.
Technical Analysis:
- Long lower wicks on the daily candles show buying interest at lows
- 5-DMA is biased lower and caps upside in the pair
- Momentum is with the bears, Oscillators are at oversold levels
- Price action is below cloud and major moving averages
Major Support and Resistance Levels:
Major Support Levels: 0.6691 (Lower BB), Major Resistance Levels: 0.6793 (200-DMA)
Summary: AUD/USD recovery attempts lack traction. Technical indicators are biased lower. Break above 5-DMA can see gains till 200-DMA. Bearish invalidation only above 200-DMA.
