Fxwirepro: Aud/usd Drops Below 0.7400 After Weak China Pmi Survey, more Downside Expected

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• The AUD/USD declined sharply on Thursday as Australian dollar was weighed down by lower oil prices and downbeat China’s manufacturing data.
   
• The Aussie dropped around half a U.S. cent following disappointing economic report from China, Australia’s top export market.
   
• A private survey of China’s manufacturing activity contracted in May for the first time in nearly a year. That contrasted with an official survey released on Wednesday showing activity remained in expansionary territory.
   
• Currently, the currency pair is trading at 0.7376 levels, it is set to decline further towards 0.7340 and  0.7300 levels in the short term.
   
• To the upside, the strong resistance can be seen at 0.7439, a break above this level would take the pair towards next resistance level at 0.7475.
   
• To the downside immediate support can be seen at 0.7366, a break below this level will open the door towards next level at 0.7348.​

  Resistance Levels

  R1: 0.7403 (50% Retracement level)

  R2: 0.7439 (61.8% Retracement level)

  R3: 0.7475 (May 31st high)​

  Support Levels

  S1: 0.7366 (38.2% Retracement level)

  S2: 0.7348 (Jan 11th lows)

  S3: 0.7300 (Psychological levels)

The material has been provided by InstaForex Company – www.instaforex.com

June 01, 2017 at 07:48PM

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