FxWirePro: Aussie gains as China’s factory activity expands in March
AUD/NZD is trading around 1.1103 marks. Pair made intraday high at 1.1123 and low at 1.1071 marks. The Chinese Manufacturing Purchasing Managers' Index rose from 49.0 in February to nine-month high of 50.2 in March. On t…
Pair made intraday high at 1.1123 and low at 1.1071 marks.
The Chinese Manufacturing Purchasing Managers' Index rose from 49.0 in February to nine-month high of 50.2 in March.
On the other side, China’s Caixin manufacturing PMI for March came in at 49.7, better than the level of 48.3 expected and 48.0 for the final in February.
Intraday bias remains bullish for the moment.
A daily close below 1.1062 will take the parity down towards 1.1016/ 1.0934 marks.
On the other side, a sustained close above key resistance at 1.1123 will drag the parity up towards 1.1298/1.1352/1.1590 marks.
Important to note here that, overall trend remains bullish as 20D, 30D and 55D EMA heads up in daily chart and confirms bullish trend.
We prefer to take long position in AUD/NZD around 1.1100, stop loss 1.1062 and target 1.1228/1.1298 marks.
