AUD/USD: Don’t get too bearish near range lows
The official Chinese PMI data was lower than expected and now we await the HSBC version. There were rumours yesterday of some worse-than-expected results and these rumours do now seem to have some credibility.
Nevertheless, dealers say that asset managers remain committed buyers on dips with plenty of bids between 1.0335/65. In my experience, they are always ‘committed’ until the price starts collapsing and then they panic sell just like everyone else.