Caixin China Manufacturing PMI (May): 50.9, beats 49.5 prior and 49.5 expected, AUD bid

Caixin China Manufacturing PMI (May) has been released as follows:

• 50.9 (FORECAST 49.5, PREVIOUS 49.5)

AUD/USD update

In the prior AUD/USD Price Analysis: Bulls run into a wall of resistance bears eye downside breakout, and the downside was eyed as per the W-formation:

AUD/USD had followed that trajectory as follows:

However, the data has put a bid into AUD:

About the 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.