A holiday in China and Japan today may very well see subdued activity in the AUD. There is a release of Chinese Service PMI data that may trigger some action. The Service PMI is not as closely watched as Manufacturing PMI, but as the focus of the Chinese authorities continues to switch to domestic demand this doesn’t make a lot of sense … but, there you go.
Topside:
- 1.0570/80 is going to be selling should we accelerate up this high today.
- 1.0540 sellers and through to 1.0550
- 1.0520/25 saw the high overnight – a combination of sell orders here and profit-takers halting the rise. There are more sell orders to be filled but trading shorts have stops above here.
Downside:
- 1.0465/70 for intitial support/buying today, although 1.0480/85 holds some buyers also
- 1.0440/50
- 1.0410/20 with stops below here
