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AUD/USD Hangs Around 0.65 as Chinese Economy Starts to Stabilize

AUD/USD has been declining for about a month, breaking below 0.65, however, the price is holding close to this level as the Chinese economy shows signs of stabilization. On Sunday we saw some positive numbers from the manufacturing and services PMI from China for March, while today’s Caixin services also showed stability.

AUD/USD Chart H4 – The 50 SMA is Pushing the Highs Lower

Sellers have gained control in this pair, leading to a break of the 0.6500 barrier in AUD/USD . This level is now under pressure again after the pair closed the previous week above it. The 50-day moving average, currently at 0.6520 and indicated by the yellow line, is providing significant resistance, where we decided to sell this pair yesterday. If the pair maintains below this level, it could prompt sellers to push the price below the 0.6500 barrier. There is additional support at 0.6475, which was the low from yesterday. However, a break below this support could lead to a retest of the February low at 0.64.

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China Services PMI for March

  • China’s Caixin Services PMI for March came in at 52.7 points, matching expectations.
  • This figure represents a slight improvement from February’s reading of 52.5 points.
  • The Composite PMI, which combines both manufacturing and services data, also stands at 52.7 points.

The China Caixin Services Purchasing Managers’ Index (PMI) for March came in at 52.7 points, matching expectations. This reading indicates continued expansion in the services sector in China. Compared to the February figure of 52.5 points, it suggests a slight improvement in business activity and sentiment within the services industry.

AUD/USD Live Chart

AUD/USD
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Skerdian Meta
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Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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