AUD/USD Review: Struggles near weekly lows, unimpressed by stronger Chinese PMIs

US-China trade tensions continue to weigh on the China-proxy Aussie.
   •  Bulls seemed unimpressed by today’s better-than-expected Chinese PMIs.
   •  Subdued USD/US bond yields also do little to provide any immediate respite.

The AUD/USD pair struggled to register any meaningful recovery and remains within striking distance of weekly lows touched earlier today.

The lack of progress over the US-Chinatrade tensions kept fueling concerns about a trade war between the world's two largest economies and was seen as one of the key factors weighing on the China-proxy Australian Dollar.

The pair extended this week's sharp retracement slide from the 0.7350-60 supply zone and kept losing ground for the fourth consecutive session on Friday, with bullish traders shrugging off today's better-than-expected release of the official Chinese PMIprints for August - manufacturing and non-manufacturing.

Meanwhile, a subdued US Dollar price action, possibly led by a weaker tone around the US Treasury bond yields, seemed to be the only factor lending some support and helping limit further downside, at least for the time being.

Moving ahead, today's relatively lighter US economic docket, highlighting the release of UoM consumer sentiment index, will now be looked upon for some short-term trading opportunities on the last trading day of the week. 

The key focus, however, would be on next week's important Aussie macro data, including the quarterly GDP growth figures, which along with the latest RBA monetary policy update should assist investors to determine the pair's next leg of directional move.

Technical levels to watch

The 0.7240-35 region might continue to protect the immediate downside, which if broken is likely to accelerate the slide towards the key 0.7200 round figure mark. On the upside, any recovery attempt might now confront fresh supply near the 0.7270-75 region and is followed by the 0.7300 handle.

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