Japan’s au Jibun flash manufacturing PMI steadied at 48.5 in October (vs. 48.9 expected); “A sustained reduction in new orders led to production shrinking at the fastest rate in eight months.”
Take note that U.S. 10-year bond yields have taken a tiny breather from their downswing. PMI misses from Australia, Japan, Eurozone, and the U.K. may also add up to build selling pressure for “risky” assets like AUD.
Are there enough bulls around a broken resistance area to extend the pair’s uptrend?
It may have also helped the commodity-related currency that news of China’s sovereign wealth fund buying ETFs to boost stock prices went around during the Asian session.
But if U.S. bond yields resume their uptrend, or if today’s market themes lead to USD-buying across the board, then AUD/USD breaking below its trend line support and revisiting areas like .6350 or .6330 may be in the cards.
ECB President Lagarde to give a speech at 12:30 pm GMT
U.S. flash manufacturing and services PMIs at 1:45 pm GMT
U.S. Richmond manufacturing index at 2:00 pm GMT
Australia’s quarterly CPI reports at 12:30 am GMT (Oct 25)
The pair is now trading closer to .6360, which is right around the R1 Pivot Point level in the 15-minute time frame. More importantly, it’s testing a trend line support that’s been valid since…yesterday.
Can AUD/USD extend its upswing?
BOJ’s core CPI ticked up from 3.3% to 3.4% y/y in September
U.K.’s adjusted experimental unemployment rate remained at 4.2% in the three months to August; Jobless claimants swelled from -9.0K to 20.4K in September
If we see more of the anti-USD, risk-friendly vibes that we saw yesterday, then AUD/USD may draw in enough buyers to bounce from R1 and retest its previous highs near .6380.
Use our new Currency Heat Map to quickly see a visual overview of the forex market’s price action! 🔥 🗺️
Germany’s manufacturing PMI improved from 39.6 to 40.7; Services PMI dropped to contraction territory at 48.0 in October (from 50.3 in September)
Watch this setup closely, forex friends!
منبع: https://www.babypips.com/news/daily-forex-watchlist-2023-10-24
AUD/USD took a chill pill from its upswing today!
Eurozone’s manufacturing PMI worsened from 43.4 to 43.0; Services PMI also deeper into contraction from 48.7 to 47.8 in October
AUD/USD 15-min Forex Chart by TradingView
The Australian dollar is currently gaining the most pips against EUR and GBP and is clocking in the least gains against NZD and USD.
Upcoming Potential Catalysts on the Economic Calendar:
As you can see, AUD/USD’s uptrend was set back earlier today after Australia’s manufacturing and services PMIs registered weaker in October compared to their September readings.
AUD did see slight intraday pullbacks when Australia’s PMIs missed market estimates and then again before the European session started.
Before moving on, ICYMI, yesterday’s watchlist looked at EUR/GBP’s uptrend ahead of the U.K.’s labor market data release. Be sure to check out if it’s still a good play!
