FxWirePro: AUD/USD hovers around 5-DMA, downbeat Aussie PMIs weigh on the Aussie

Chart - Courtesy Trading View 

AUD/USD was trading 0.07% higher on the day at 0.6687 at around 05:00 GMT, edges higher from session lows at 0.6659.

Australia PMIs released on Friday came in softer for March and weigh on the Aussie pair amid downbeat sentiment.

Australia’s S&P Global PMIs for March slipped into the contraction figure of under 50.00, missing market forecasts and below prior readings.

Data released earlier today showed Australia's Manufacturing PMI gauge slid to 48.7 versus 50.3 expected and 50.7 prior.

While the Services PMI declined to 48.2 from 50.7 previous readings and 49.7 market forecasts, the Composite PMI dropped to 48.1 compared to 50.6 prior.

Also, comments from US Treasury Secretary Janet Yellen and Chair of the Basel Committee on Banking Supervision also weigh on the market’s mood and drag the pair lower.

On the other side, US Chicago Fed National Activity Index (CFNAI) dropped to -0.19 in February versus 0.0 expected and 0.23 prior.

Further, US Weekly Initial Jobless Claims declined to 191K for the week ended on March 18, versus 192K prior and 203K market forecasts

US New Home Sales rose 1.1% in February from 1.8% prior, versus 1.6% analysts’ estimation, whereas Kansas Fed Manufacturing Index for March rose to 3.0 from -9.0 prior and 6.0 expected.

Looking forward US Preliminary PMIs will be important to watch for fresh impulse. US Durable Goods Orders for February is also due for release later in the NY session.

Major Support Levels: 0.6680 (200H MA), 0.6562 (Lower BB)

Major Resistance Levels: 0.6705 (21-EMA), 0.6756 (200-DMA)

Summary: AUD/USD was rejected at 200-DMA, intraday bias is turning bearish. Upside remains capped at 5-DMA. Any further upside only on decisive break above 200-DMA.