AUD/USD, H4 1 April 2024
The Australian dollar saw a modest rebound amidst thin trading sessions following the release of encouraging economic data from China. China's official Manufacturing Purchasing Managers' Index (PMI) surged to 50.8 in March, surpassing expectations and indicating an expansion in manufacturing activity. Similarly, the Non-Manufacturing PMI rose to 53.3, further bolstering sentiment. As China remains a key trading partner for Australia, the positive economic performance in the region lifted prospects for the Aussie dollar, despite lingering long-term concerns.
AUD/USD is trading higher, while currently testing the resistance level. Suggesting the pair might extend its gains after breakout.
Resistance level: 0.6535, 0.6585📉
Support level: 0.6485, 0.6410📈
The Australian dollar saw a modest rebound amidst thin trading sessions following the release of encouraging economic data from China. China's official Manufacturing Purchasing Managers' Index (PMI) surged to 50.8 in March, surpassing expectations and indicating an expansion in manufacturing activity. Similarly, the Non-Manufacturing PMI rose to 53.3, further bolstering sentiment. As China remains a key trading partner for Australia, the positive economic performance in the region lifted prospects for the Aussie dollar, despite lingering long-term concerns.
AUD/USD is trading higher, while currently testing the resistance level. Suggesting the pair might extend its gains after breakout.
Resistance level: 0.6535, 0.6585📉
Support level: 0.6485, 0.6410📈