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Highest HSBC China PMI in 13 months – Reactions and Charts

EUR/USD M5 Chart

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After a sudden surge at around 7.00am SGT which saw EUR/USD broke above yesterday’s high, price hit H3 and started to pull back lower, with the same Yesterday’s High level acting as potential support.

Despite the much better than expected Chinese PMI, price barely moved, touching H3 very briefly before continuing its current downward trend.

GBP/USD M5 Chart

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Similar to Fiber, Cable didn’t manage to punch above previous resistance despite the positive news. Nonetheless, price appear to be supported via 1.596 with Yesterday’s High acting as yet another level of support.

AUD/USD M5 Chart

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Aussie was better served with price carving out a new high, capping below H4 and Yesterday’s High. Today’s H3 could still act as important support should price break below current interim support of 1.0385.

Bottomline:

Asian Equities climbing higher with US Futures trading higher as well. However, that bullishness did not spill over to all currencies, hinting inherent weakness in EUR and GBP.

 

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

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