FxWirePro: AUD/USD edges lower from multi-week highs, weaker-than-expected China PMIs weigh

AUD/USD chart - Trading View 

AUD/USD was trading 0.16% lower at 0.6546 at around 03:35 GMT after closing 1.00% higher in the previous session.

Antipodeans dented after weaker-than-expected China PMI data released earlier today.

National Bureau of Statistics (NBS) report earlier today showed China December Caixin manufacturing PMI came in at 49.4 vs. 50.1 last.

Meanwhile, purchasing managers' index (PMI) for China's manufacturing sector arrived at 50.8 in April, while Non-Manufacturing PMI rose from 52.3 prior to 53.2.

AUD/USD is consolidating break above 110-EMA, Technical indicators are still biased higher.

No major signs of reversal seen. Overbought oscillators may cause minor pullbacks. Bearish reversal only below 55-EMA.

Continuation of upside will see test of 0.6675 (76.4% Fib) ahead of 200-DMA at 0.6686. 

Data Watch:

12:30 GMT US Core Personal Consumption Expenditure - Price Index (MoM)(Mar) - Forecast -0.1 %, Prior 0.2 %

12:30 GMT US Personal Income (MoM)(Mar) Forecast -1.5 %, Prior 0.6 %

12:30 GMT US Initial Jobless Claims(Apr 24) Forecast - 3500 K, Prior 4427 K

12:30 GMT US Personal Spending(Mar) Forecast -5 %, Prior 0.2 %

12:30 GMT US Core Personal Consumption Expenditure - Price Index (YoY)(Mar) Forecast 1.6 %, Prior 1.8 %

13:45 GMT USD    Chicago Purchasing Managers' Index(Apr) Forecast 38, Prior 47.8

22:30 GMT AU AiG Performance of Manufacturing Index(Apr) Prior 53.7

23:00 GMT AU Commonwealth Bank Manufacturing PMI(Apr) Prior 45.6

N/A AU HIA New Home Sales (MoM)(Mar) Prior 6.2 %

Major Support Levels: 0.6507 (110-EMA), 0.6455 (61.8% Fib), 0.6380 (55-EMA)

Major Resistance Levels: 0.6614 (Upper BB), 0.6675 (76.4% Fib), 0.6686 (200-DMA)