Caixin China Manufacturing PMI misses the mark and nudges AUD/USD lower

Caixin China Manufacturing PMI has been released as follows: 

• 50 vs 51.7 expected and 51.6 prior.

AUD/USD update

In the pre-open analysis, the article explained ´´the bearish engulfment, BE, on the last 4-hour candle could be the catalyst for a firm break of structure for the opening sessions near 0.6661 with 0.6625 eyed below there guarding the 0.6550s.´´

Meanwhile, we have seen the price move lower into test the 0.6661 structure as follows:

The price pierced the level but has failed to close below there so far. So long as the bears commit below 0.6700, then there will be a strong probability of the market heading lower and the China data plays into the bearish bias.

About Caixin China Manufacturing PMI

The Caixin China Manufacturing PMI™, released by Markit Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private manufacturing sector companies.