AUD/USD barely registers following China PMIs, resumes peering over the edge into 0.75

• The AUD catches a quick bid on China PMI data, but thin holiday markets leave the pair unable to develop much momentum.
• Chinese PMIs come out mixed, markets respond by churning in place.

The AUD/USD is trading close to the week's opening price near 0.7580, but looking to fall back below the 70's following China PMI figures mixed in with Australian credit figures. With China and Japan both off for extended weekends the thin markets are eating up any action too far from the day's open.

Chinese PMIs came in mixed, with the Manufacturing PMI printing at 51.4 (expected 51.3, prev. 51.5), declining by less than expected while the Chinese Non-manufacturing PMI printed only a moderate uptick to 54.8 (expected 55.1, prev. 54.6).

Australian data also came in mixed for the Aussie, with y/y Securities Inflation coming in around 2.0% (prev. 2.1%), while the m/m figure printed at 0.5% (prev. 0.1%).

Figures from the HIA Home Sales data drop are still forthcoming, and the last remaining bit of news on the AUD's dance card for Monday will be the Reserve Bank of Australia (RBA) Governor Lowe's speech at the Reserve Board Member Dinner later.

AUD/USD analysis: still at risk of breaking below 0.7500

AUD/USD Levels to watch

The Aussie technical outlook for Monday remains unchanged, and as FXStreet's own Valeria Bednarik noted earlier: "despite closing higher on Friday, the AUD/USD pair fell for a second consecutive week, and the daily chart shows that the slide is set to continue, given that technical indicators have barely bounced from oversold readings, while the pair is well below all of its moving averages, with the 20 DMA gaining bearish strength around 0.7690. The pair has a major support at 0.7500, as it bottomed there last December. A break below it should result in a downward continuation toward 0.7250 these upcoming days. In the 4 hours chart, the price settled a handful of pips above its 20 SMA for the first time in over a week, the Momentum indicator heads north around its mid-line, but the RSI lost its bullish strength and gyrated south, currently at 44, these last limiting chances of a stepper recovery. A steady advance beyond 0.7620, however, could see the pair recovering further ground, but sellers will likely add on spikes."

Support levels: 0.7535 0.7500 0.7470

Resistance levels: 0.7590 0.7620 0.7660