Australian Manufacturing PMI is facing a drop
Australia is still facing challenging times as Manufacturing PMIs are facing drops.
Share this:
Australia is still facing challenging times as April Commonwealth Bank Manufacturing PMI was released at 44.1 this morning, vs 45.6 expected and 49.7 in March. On its side, the Ai Group Manufacturing PMI Index faced an even worse fall as it was reported at 35.8, vs 46.0 expected and 53.7 the previous month. AUD/USD is facing a consolidation but remains quite resilient.
From a technical point of view, despite the current pull back, AUD/USD remains supported by a rising trend line. It also stands above its 50-day moving average (in blue) as the daily RSI stands within its buying area between 50 and 70. Readers may therefore consider the potential for a new advance above horizontal support at 0.6270. The nearest resistance would be set at previous overlap at 0.6685 and a second one would be set at set at 0.6850 in extension.
Source: TradingView, GAIN Capital
Australia is still facing challenging times as April Commonwealth Bank Manufacturing PMI was released at 44.1 this morning, vs 45.6 expected and 49.7 in March. On its side, the Ai Group Manufacturing PMI Index faced an even worse fall as it was reported at 35.8, vs 46.0 expected and 53.7 the previous month. AUD/USD is facing a consolidation but remains quite resilient.
From a technical point of view, despite the current pull back, AUD/USD remains supported by a rising trend line. It also stands above its 50-day moving average (in blue) as the daily RSI stands within its buying area between 50 and 70. Readers may therefore consider the potential for a new advance above horizontal support at 0.6270. The nearest resistance would be set at previous overlap at 0.6685 and a second one would be set at set at 0.6850 in extension.
Source: TradingView, GAIN Capital
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
US Dollar Technical Outlook: DXY Bulls Meet Resistance at Yearly Highs 10 1 2026
The U.S. Dollar has held firm despite fading Fed hike bets, but Friday’s payrolls could test the rally’s staying power.
AUD/USD hammered by US yields and fading RBA hike bets
US yields, dollar strength and fading RBA hike bets have combined to drive AUD/USD to fresh multi-month lows. The macro and technical bias remains bearish, although history suggests parts of the move are now reaching unusually stretched levels.
EUR/USD Forecast: Euro Struggles to Find Support Even After U.S. PCE Data
The euro continues to face a challenging environment in the short term. The currency has struggled to regain ground against a U.S. dollar that remains firmly supported, a dynamic reflected in EUR/USD, which has now recorded three consecutive losing sessions and a decline of roughly 0.6%.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.