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Aussie continues slide lower after HSBC PMI misses estimates

FXstreet.com (Barcelona) - The Aussie is continuing to slide after during Asia trading after another weak economic data from China hit the wires.

The HSBC PMI print was just released at 1:45GMT and came in at 49.6 actual vs. 50.5 estimates. Initially the pair was trading around 0.9663 before the print, but immediately dropped to post a new low at 0.9628 before rebounding slightly back up towards 0.9640. Economic data the rest of the Asia session will be light, but volatility may pick up again when we see a number of European PMI numbers a bit later in the day.

The FXStreet.com Trend Index remains in slightly bearish set up on the 1 hour chart, while the ob/os index continues to read oversold. Both short term moving averages and momentum also remain in bearish set up on the 1 hour chart, which could continue to help limit any counter trend advances. Initial support comes in at 0.9580 (weekly low from early June 2012), while first resistance comes in at 0.9675 (the 9dma on 1 hour chart).

China May HSBC Manufacturing PMI down to 49.6 vs 50.4

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