The Australian dollar is losing much of the ground it had recovered again after facing around the 0.93 resistance area, due to preliminary manufacturing PMI data from China, falling to 47.7 denoting a contraction in the sector, negative not only for that country and Australia, but also for other global economies. In view of this we note that this pair has a lot of ground to cover, our downside target is aimed at the 0.9040 level, and if this area is broken, it could fall rapidly to the level of 0.85. The perspective of this pair is more in the hands of China that Australia will be only a matter of time waiting to happen.
If you need personal consultation, Skype: gerardofx or contact me via e-mail: gerardo.porras@analytics.instaforex.com
