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AUD/USD: bulls taking back control

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7138 with a high of 0.7142 and a low of 0.7112.

AUD/USD is currently better bid on the back of a positive recovery of the bearish gap instigated on the back of Chinese manufacturing miss below the 50 mark and in contraction territory. In the Australian economy, we have had a positive start with data beating expectations with building permits m/m 2.2% vs 1.1% expected and -9.5% previous while y/y came in at 21.45 vs 5.1% expected. We now await Caixan Manufacturing y/y expected to also be in contraction at 47.5.

AUD/USD levels

Technically, 0.7100 is key psychological support ahead of 0.7050/80 that guards the downside to 0.7000. The September lows are located at 0.6940 ahead of 0.6900. To the upside, the 0.7385 Fibo retracement level needs to be broken in order alleviate downside pressures. Near term upside levels target 0.7162, 0.7190 200 SMA and 0.7211.

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