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- AUD/NZD bears move in following China data miss
AUD/NZD bears move in following China data miss
- AUD/NZD was pressured following a poor outcome in China data.
- Caixin China Manufacturing PMI has missed the mark.
AUD/NZD is under some pressure as the Tokyo day moves along and following a miss in the Caixin China Manufacturing PMI has been released as follows:
- July: 50.4 (exp 51.5; prev 51.7).
AUD/NZD is trading in the red and has made a low of 1.1090 so far from 1.1113 the high. The Aussie is taking the brunt of the data that is showing that "the recovery in supply and demand failed to spill over into the labour market for manufacturing, which continued to shrink," said Wang Zhe, senior economist at Caixin Insight Group.
"Companies, strongly inclined to lower costs in the face of sluggish market demand, were cautious about expanding their staff," Wang added.
AUD/NZD weekly chart
From a weekly perspective, the price has started to recover from the restest of the W-formation's neckline and bulls eye a move towards 1.1168 prior highs. However, the daily chart is not showing any signs of a bullish correction as of yet, although the 61.8% Fibo may prove to be a support in the coming sessions:
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