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AUDUSD overview 02.11.2020

AUDUSD rises on upbeat Chinese data.

AUDUSD under bullish pressure today after stronger than expected factory data in China and Europe offset news of new virus lockdowns.

Australian dollar is seen as the main beneficiary of the latest expansion of Chinese factory activity – which rose at its fastest pace in a decade. AUD sentiment was also helped by a strong bounce in euro zone manufacturing in October. Fresh lockdown measures across the globe are currently being seen as pathways to later economic recovery and are not triggering as strong risk-off sentiment as happened. The US. elections being predicted to be in Biden’s favour are also driving some safe-haven outflows from USD – driving the pair up.

Expect buyers on downward corrections

Next resistance to watch – 0.7120

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