Australia remains closely linked to Chinese economy and AUD is impacted by any news from China. And this morning, they were optimistic. Indeed, official data showed that China’s official Manufacturing PMI edged up to 50.9 in June (50.5 expected) from 50.6 in May and Non-manufacturing PMI climbed to 54.4 (53.6 expected) from 53.6.

From a technical point of view, on a daily chart, the AUD/USD consolidates above former resistance at 0.6650 and stands above its 50-day moving average (in blue). The daily RSI remains within its buying area. Readers may therefore consider the potential for further advance above 0.6650. The nearest resistance would be set at 0.7040 (YTD high) and a second one would be set at 0.7180 (July 19 resistance) in extension.

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DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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