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AUD/NZD stumbling lower again, but upbeat Chinese PMI provides a break

  • The Aussie drifts against Kiwi, bounces on China data.
  • Long-term bearish trend still in play for the AUD/NZD.

The AUD/NZD is trading down in Friday’s early Asia session, dipping into recent lows near 1.0775.

The Aussie has resumed falling against the Kiwi after staging a technical correction from the pair’s bottom in mid-April at 1.0488, but the AUD ran out of gas after hitting a high of 1.0961 and has fallen steadily this week.

The AUD’s saw a rebound into 1.0790 following Chinese Manufacturing PMIs  which printed better than expected, coming in at 51.1 versus the 51.0 expected, and in-line with the previous reading.

AUD/NZD levels to watch

With the Aussie bouncing on Chinese PMIs, short traders will be looking for a continuation into current lows at 1.0775, while a continuation of the bullish reversal will see challenges from the day’s high at 1.0815 and the last swing high near 1.0845. A break lower will see the pair testing into fresh three week lows for the pair, with the floor priced in neat early May’s low of 1.0655.

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