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16 Dec 2013
AUD/USD falls to 0.8918 after China's PMI
FXstreet.com (Córdoba) - The AUD/USD fell from 0.8940 to 0.8918 after the release of the preliminary report of China's PMI (HSBC) report, hitting a fresh daily low but rebounded afterwards approaching 0.8950.
The report showed a decline in manufacturing activity from the prior month and send the aussie and the kiwi to the downside. The AUD/USD started the week flat around 0.8960 but weakened as stocks in Asia decline and accelerated to fresh lows after economic data from China.
AUD/USD still eying December lows
Last Friday the pair bottomed at 0.8910 completing a decline of 250 pips from Tuesday's highs. Since then moved in a small range, after being unable to hold above 0.8960.
If the price breaks under 0.8910 it would be trading at the lowest level since August 30, adding pressure to the psychological 0.8900 mark. Support levels below are seen at 0.8890 (August 29 low) and 0.8850 (August lows).
The report showed a decline in manufacturing activity from the prior month and send the aussie and the kiwi to the downside. The AUD/USD started the week flat around 0.8960 but weakened as stocks in Asia decline and accelerated to fresh lows after economic data from China.
AUD/USD still eying December lows
Last Friday the pair bottomed at 0.8910 completing a decline of 250 pips from Tuesday's highs. Since then moved in a small range, after being unable to hold above 0.8960.
If the price breaks under 0.8910 it would be trading at the lowest level since August 30, adding pressure to the psychological 0.8900 mark. Support levels below are seen at 0.8890 (August 29 low) and 0.8850 (August lows).