The AUDUSD is down testing the 200 day MA at the 1.0309 level. The price has been above the MA since July 24th. A move below would next target the 38.2% at 1.02177 and the 100 day MA at 1.0205 (blue line in the chart below).
The price of Iron Ore continues to slump. This is contributing to the downside for the pair. Last night Building Approvals in Australia came in at -17.3% vs -5% expected. On Friday night at 9:35 PM, China will release Manufacturing PMI data. On Sunday Non Manufacturing PMI will be released at 9 PM. The fate of the AUDUSD is closely tied to what goes on in China so these reports will be eyed closely and increase the risk over the weekend.
