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Yesterday, was published the Manufacturing PMI data in China for this month and it was not the best for the AUDUSD in yesterday’s session, leading it to fall aproximately at 1.0385. Remember, that everything that happens in the Chinese’s economy, may have high impact on the Australian dollar.
The chinese’s manufacturing PMI reading for the previous month was 50.1, for this month, had a forecast of 51.6 and the actual reading that was unveiled, was 50.9, lower than forecast. Remember that today at 04:30 GMT, Interest Rate Decision will occur, which we expect to remain at 3.00% interest rate, which, however, produce considerable volatility in the AUDUSD during that hour.
In a technical outlook, we note that the AUDUSD is above the 200 day moving average and is offering strong support, which supports a bullish outlook on the AUDUSD, but this outlook may be in risk if the Aussie make a breakout of the support at 1.0404, that may lead to another fall to 1.0344. If the Aussie breaks that support at 1.0344, we could change our bullish outlook to a bearish outlook in the medium-term and look only for sell orders, something supported by the MACD indicator, that is currently in negative territory.
On the other hand, the AUDUSD can go upwards, if tonight at the RBA Rate Statement (04:30 GMT) statements are optimistic about the Australian economy, which would lead to aussie to test the resistance at 1.0481 and if there is a breakout of this resistance, the Aussie could have a good chance to go upwards, where buy orders can be placed with objectives to the resistance at 1.0568.
