• AUD/USD edged lower on Monday as stronger greenback and downbeat China Manufacturing PMI data weighed on Australia dollar.
• China's manufacturing activity unexpectedly shrank in January, marking its weakest performance since August, according to an official survey.
• The official purchasing managers' index (PMI) fell to 49.1 in January from 50.1 in December, below the 50 threshold that separates growth from contraction and missing the expected 50.1.
• At GMT 06:22, the pair was trading down 0.44% at 0.6286
• Immediate resistance is located at 0.6337(50%fib)., any close above will push the pair towards 0.6410(61.8%fib).
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• Support is seen at 0.6269(38.2%fib) and break below could take the pair towards 0.6187(23.6%fib).
• Recommendation: Good to sell around 0.6300 with stop loss of 0.6350 and target price of 0.6220
