Chart - Courtesy Trading View
AUD/USD was trading 0.15% higher on the day at 0.7259 at around 05:40 GMT.
The pair is holding gains above 55-EMA and technical indicators support further gains.
China’s NBS Manufacturing Purchasing Managers' Index (PMI) grew past 50.1 forecast and prior release to 50.3 in December.
The Non-Manufacturing PMI rose to 52.7 versus 52.3 previous readouts but eased below 53.1 market consensus.
Antipodeans buoyed following upbeat China Manufacturing PMI. That said, mixed concerns over the new covid variant keep upside in check.
Further, geopolitical tensions over Ukraine and the Sino-American tussles weigh on the market sentiment, keeping check on the upside.
Major Support and Resistance Levels:
Support: 0.7239 (55-EMA), Resistance: 0.7278 (20-week MA)
Summary: AUD/USD has retraced dip below 200-week MA raising scope for further gains. Technical analysis shows scope for further upside. Break above 20-week MA will see gains till 61.8% Fib at 0.7340.
