FxWirePro: AUD/USD moves slightly higher, but bears still in control

• AUD/USD edged higher on Friday  as investors digested Australia’s manufacturing PMI data.

• Australia’s Flash Composite PMI climbed to 52.6 in November from 52.1 in October, marking the fourteenth consecutive month of expansion with stronger growth.

•  The Manufacturing PMI rose to 51.6 from 49.7 and services activity accelerated to 52.7, driven by renewed goods orders and improved services new business, lifting overall new export business marginally despite a drop in goods exports..

• Looking Ahead, Australia’s October CPI is scheduled for November 26, followed by Q3 Capital Expenditure data on November 27.

• Immediate resistance is located at 0.6487(38.2%fib), any close above will push the pair towards 0.6518(SMA 20).

• Support is seen at 0.6439(Daily low) and break below could take the pair towards 0.6416 (23.6%fib).

 Recommendation: Good to sell around 0.6470, with stop loss of 0.6550 and target price of 0.6430