Aussie peeps above 4-hr 200-MA on upbeat China PMI

AUD/USD peeped above the 4-hour 200-MA level of 0.7920 after the China Aug NBS manufacturing PMI came-in at 51.7, beating the estimate of 51.3 by a big margin. 

The currency pair clocked a high of 0.7922 and was trading around 0.7915 levels at press time. 

The upbeat China data is positive for the AUD, although buyers are still reluctant to come-in with full force, given the Aussie private sector credit and private capital expenditure numbers are due in about 15 minutes. 

The US dollar rebound, especially against the Euro is also capping the upside in the AUD/USD to some extent. 

AUD/USD Technical Levels

FXstreet Chief Analyst Valeria Bednarik writes, “from a technical point of view, the 4 hours chart shows that the pair is poised to extend its decline, as in the 4 hours chart, the price broke firmly below its 20 SMA, now gaining bearish traction around 0.7040, while technical indicators are decelerating, but still heading south below their mid-lines, all of which supports a bearish extension for the upcoming sessions.”