- The Aussie remains upright as buyer’s remain confidence heading into the new week.
- Despite weak underlying, China Caixin PMI data provides further support for the upside.
The AUD/USD finds itself trading into the 0.7350 level, with intraday support coming from a better-than-expected Caixin PMI from China, while the 90-day extension on January’s tariff action between the US and China is helping to revive broader risk appetite.
China Caixin manufacturing PMI showed new export orders extended decline in November
China’s Monday Caixin PMI reading may have managed to beat expectations, printing at 50.2 versus the forecast 50.0 (last 50.1), the underlying figures reveal a cautionary note: the sub-index for new export orders in November shrank to 47.7, a decline from the previous month’s 48.8.
The G20 Leader’s Summit over the weekend saw a temporary de-escalation in trade war tensions between the US and China, with President Trump and China’s Xi agreeing to hold off on any further tariffs or tariff rate hikes for another 90 days, easing market tensions about January’s planned tariff hikes where the US was set to increase tariffs against China to 25%, and the extension will see the two sides returning to the negotiations table.
AUD/USD Technical Levels
Today Last Price: 0.7351
Today Daily change: 42 pips
Today Daily change %: 0.575%
Today Daily Open: 0.7309
Previous Daily SMA20: 0.7255
Previous Daily SMA50: 0.7181
Previous Daily SMA100: 0.7243
Previous Daily SMA200: 0.7423
Previous Daily High: 0.7327
Previous Daily Low: 0.7284
Previous Weekly High: 0.7345
Previous Weekly Low: 0.7199
Previous Monthly High: 0.7345
Previous Monthly Low: 0.7072
Previous Daily Fibonacci 38.2%: 0.73
Previous Daily Fibonacci 61.8%: 0.7311
Previous Daily Pivot Point S1: 0.7286
Previous Daily Pivot Point S2: 0.7264
Previous Daily Pivot Point S3: 0.7243
Previous Daily Pivot Point R1: 0.7329
Previous Daily Pivot Point R2: 0.735
Previous Daily Pivot Point R3: 0.7372