Today, the Australian dollar went down ahead of the market. The reason was the weak data on the Chinese PMI. Manufacturing PMI in April fell from 50.5 to 50.1 against an expected growth to 50.7, Non-Manufacturing PMI fell from 54.8 to 54.3. According to the company Caixin, production PMI was 50.2 against 50.8 previously.
There are data on the euro area GDP that will be released today. The forecast for the 1st quarter is 0.3%. The probability is high that the indicator will be lower than the forecast, since other economic indicators for the 1st quarter were clearly weak, worse than in the 4th quarter.
On the two graphs under consideration – daily and H4, the price has reversed from the balance line. Matching patterns at different time scales enhances the signal. We are waiting for the “aussie” at the level of 0.6986 – on the embedded line of the daily scale price channel.
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