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AUD/USD undermined on doubled edged sword

FXStreet (Guatemala) - AUD/USD is trading at 0.9304, up 0.18% on the day, having posted a daily high at 0.9313 and low at 0.9237.

AUD/USD is weak and has been under pressure in Asian markets as a continuation of the greenbacks strength with the release of the more hawkish than expected FOMC minutes and then the aussie was punished on release of the weaker than expected HSBC manufacturing survey from China for August. Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ explained that the survey revealed business confidence in the manufacturing sector had declined by 1.4 point to 50.3 in August which was the second consecutive monthly decline. "Business confidence still remains well above the low from March of 48.00 although the recent pullback does signal that growth momentum in China does appear to easing. Both domestic and external orders rose at slower rates."

AUD/USD hourly levels

Current price is 0.9304, with resistance ahead at 0.9307 (Hourly 100 SMA), 0.9313 (Daily Classic R1), 0.9320 (Yesterday's High) and 0.9321 (Daily 20 SMA). Next support to the downside can be found at 0.9301 (Weekly Classic PP), 0.9298 (Hourly 200 SMA), 0.9294 (Daily Classic PP), 0.9287 (Daily Open) and 0.9287 (Weekly Low).

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