Forex: AUD/USD awaits HSBC China PMI above 1.0250, off fresh 1-month lows

FXstreet.com (Barcelona) - AUD/USD is last at 1.0274 bids, slightly above yesterday's Asian session lows, and at around previous weekly close Friday, off fresh 1-month lows printed by early NY trade at 1.0234. The pair has bounced from a critical ascending trend line coming from June 2012 lows around the 0.96 level, after retracing from yesterday's weekly highs at 1.0308.

The AUD is the weakest currency among majors for last 2 trading days, even below Yen for the current week, on the back of Yen strength. The result is that AUD/USD has gone first up to 1.0308 and then down to 1.0234 to end up unchanged for the week, ahead of key risk event for the session today in the form of China HSBC Flash manufacturing PMI at 01:45 GMT, which is expected to come slightly lower than previous, though still above the 50 level, which means economic expansion.

Immediate resistance to the upside for AUD/USD shows at current levels as Friday's Asian session lows, followed by mentioned yesterday's highs at 1.0308, and Friday's highs at 1.0360. To the downside, closest support lies at recent fresh 1-month lows at 1.0234, followed by Feb 12 lows at 1.0222, and March 11 lows at 1.0201.