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Forex: AUD/USD stalling below 1.04 ahead of China PMI

FXstreet.com (Barcelona) - AUD/USD is last at 1.0370, off fresh weekly and 9-day highs at 1.0384, ahead of key risk event for this Wednesday in Asia-Pacific in the form of official China PMI figures at 0.1:00 GMT. “China is closed today and Japan is in holiday mode ahead of a 4-day weekend,” says FXWW founder Sean Lee.

The analyst adds: “AUD/USD broke above technical resistance at 1.0360 but there are further levels at 1.0390/00 (prior highs and a 50% Fibo) and solid sell orders are reported at the same level. Support levels begin at 1.0330,” he concludes. The pair is up +0.85% for the week, with domestic ASX index near fresh 5-year highs above the 5150 points.

Immediate resistance to the upside for AUD/USD shows at recetn mentioned 9-day highs 1.0385, followed by April 16 highs/200 day SMA at 1.0397, and March 15 highs at 1.0416. To the downside, closest support lies at past Thursday's/Friday's highs 1.0340/35, followed by yesterday's lows at 1.0328, and Monday's weekly lows at 1.0255.

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