The HSBC China manufacturing PMI data will be released in an hours time and this will be the next major risk event for the AUD. Commodity and precious metal prices have taken a hit in the last 24 hours and AUD bulls will be disappointed that we are currently testing short-term support near 1.0510. There are stops reported below 1.0500 and again below 1.0480 and they will be targeted if the PMI number disappoints.
