The Australian dollar continues to slide against the greenback and tested downtrend support on its way down. Will it reach parity? The month of September began with a long list of negative headlines from Australia and from its main trade partner China. AUD/USD is now trading at 1.0260, having recovered from the the lows of 1.0240. Note the downtrend support line on the hourly chart. The line begins in early August and felt twice since then. AUD USD Falling Along Downtrend Support – Click image to enlarge During the weekend, China reported a drop in its official manufacturing PMI from 50.1 points (growth territory) to 49.2 (contraction territory). Expectations were for a smaller slide to 49.8 points. When trading resumed, the reaction was a Sunday gap to under 1.03. From there, the fall continued on bad news: Australian AIG Manufacturing Index remained in contraction zone; 45.3 points. At least it is better than last month’s 40.3 points. Australian retail sales fell by 0.8%, far worse than a rise of 0.3% that was predicted. Australian ANZ Job Advertisements dropped by 2.3%, a faster drop than 0.8% last month and a bad sign for the upcoming official jobs report. Australian Company Operating Profits slid by 0.7%, falling short of expectations for a rise of 1.1%. Chinese HSBC Final Manufacturing PMI was revised to the downside, from 47.8 to 47.6 points. Note that this is lower than the official number.This is also the lowest since March 2009. Australian Commodity Prices fell year-over-year by 13.7%, worse than last month’s 11.1%. In the debate concerning the mining boom, it seems that those saying that the boom is over have the upper hand. The RBA meets to make its monthly rate decision tomorrow. The consensus is for no change: a cash rate of 3.50%. With all these news, there is a chance of a rate cut. For more on the Aussie, see the AUDUSD forecast. Later in the week, we also have employment data and GDP for Q2. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next GBP/USD Rises on Stronger Manufacturing PMI Yohay Elam 10 years The Australian dollar continues to slide against the greenback and tested downtrend support on its way down. Will it reach parity? The month of September began with a long list of negative headlines from Australia and from its main trade partner China. AUD/USD is now trading at 1.0260, having recovered from the the lows of 1.0240. Note the downtrend support line on the hourly chart. The line begins in early August and felt twice since then. [caption id="attachment_37609" align="alignnone" width="610"] AUD USD Falling Along Downtrend Support - Click image to enlarge[/caption] During the weekend, China reported a drop in its… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.