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AUD/USD: awaiting key Chinese data

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7015 at time of writing with a high of 0.7038 and a low of 0.6979.

AUD/USD is subdued in early Asia after a mixed number of sessions overnight as risk sentiment dictated once again. AUD/USD is consolidating the minor recovery from the lows seen in earlier sessions overnight at 0.6936. We are up through the 50 SMA on the hourly charts supported by the 20 SMA and below the 200 SMA at 0.7047 currently.

The ADP report came out in the US session and was the highest since June, but was tempered by lower revisions. 200k was recorded vs 195k expected and 186k prev and leaves expectations for the Nonfarm Payrolls somewhere in the region of above 200k which would support the case for the Fed hiking rates before the year is out. Today we await the Chinese data with Caixin services PMI and Manufacturing PMI's as key focus.

AUD/USD levels

AUD/USD is below bearish while trading below the 55 day ma at 0.7209 where it recently failed on the 27th August. Nearer term, while trading below the 20 DMA at 0.7055, the recent low of 0.6936 is in focus ahead of the 0.6905 psychological support and the 0.6774 2004 low. First resistance is where the 200 SMA lies at 0.7047.

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