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Forex: AUD/USD sharply lower after lackluster China PMI data

FXstreet.com (Barcelona) - The AUD/USD is trading sharply lower after the HSBC China PMI print came in at 50.5 vs. 51.4 (estimates). The pair was trading around 1.0255 but quickly dropped 30 pips to the 1.0225 area after the release. The US Dollar is higher across the board as market participants once again flock to the greenback as the safe haven currency.

The FX Street.com Trend Index remains slightly bearish on the 1 hour time frame, while the OB/OS Index is neutral. The main support levels to focus on will be the 1.0200, followed by the critical 1.0160 support pivot which is the bottom end of the trading range which has been established since June 2012. A move below here could pave the way to lower prices in coming sessions as the next major support level sits around .9936. Look for firm resistance near 1.0240 (previous support on 1 hour chart), followed by 1.0280 (also previous support on 1 hour chart).

China HSBC manufacturing PMI below expectations

The Flash China Manufacturing PMI came at 50.5 vs 51.6 in March and 50.4 expected. The number is a two-month low on the series of readings. The estimate is designed to provide an accurate indication of the final PMI data.
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Forex: AUD/NZD pops even though Aussie dips

AUD/NZD is last at 1.2188 off recent lows at 1.2161, despite AUD/USD slide to fresh 6-week lows at 1.0218 following worse than expected HSBC flash manufacturing PMI China data. The cross is higher because Kiwi has fallen even further than Aussie.
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