The release of soft Chinese Caixin mfg PMI...>

AUSSIE: The release of soft Chinese Caixin mfg PMI set the tone overnight, AUD

underperformed at remains bottom of the G10 pile at the European crossover.

AUDUSD tested the 200-dma ($0.7292) yesterday but drifted through NY and this

now gives even more importance to the level which has not seen a close above

since March. Rate touched extended pullback lows of $0.7237 with near-term

support at $0.7211/06 from the 38.2% retracement of $0.7076-0.7295 & cloud top,

a break opens a move towards the 100-dma at $0.7173. AUDJPY flirts with the

61.8% retracement level of Y84.02-70.64 at Y78.92, a break opens the 21-dma &

Jan 30 low at Y78.22/19. EURAUD holds toward the upper end of its

A$1.5729-1.5809 range with topside focus on the 200-dma & 50% fibo of

A$1.6006-1.5721 at A$1.5857/64. Despite short-term weakness, it's also worth

mentioning that seasonal factors could come into play. AUDUSD has registered

gains in February, 14 of the last 17 years.