AUD unchanged after official China PMI comes in on expectations at 50.2

AUD/USD got above 1.0380 just before the data but has now slipped back to its opening level after the official PMI came in as expected. I can’t see any movement happening between now and the London open with tight range trading likely to stay in place.

HSBC PMI data due in 45 minutes.

  1. lovely. at least official china PMI was not overly bullish. I was about to throw towel and declare full capitulation on bearish stance for AUD… let see what HSBC has in store.

  2. I still like the risk-reward here Kirill. Certainly it could break higher but nervous Nellies 🙂 can leave a stop above 10415 which is a relatively cheap trade. If it turns lower then we could see 10250 very quickly. Talking my position as always 🙂

  3. Agree with you. But I am taking it cautiously. Do not really like to be skimmed by stop loss hunters. Adding on the approaches to 1.04 and lightning it around 1.035. At this stage I am thinking about moving my original stop loss towards 1.46.

  4. if 1.0355 doesnt hold after the HSBC PMI Im short long from 1.0370 hoping for a test of the 61.8% at 1.0450 ish…thats as far as the bulls can push it in my opinion

    1. > yea sorry should have been 1.046. 1.46 would be quite a goal. I guess it would correspond to gold in $3000 range)))). But I like an idea of being able to put such a wide stop. Most probably would need Bernanke to back me up. Anyway I think excitement of Asian session is over. It had a remarkable 30 pips range. I am going to bed now and hope Europeans will do sensible thing and make my account greener in the morning.

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