The manufacturing PMI is a primary indicator of how the industry is doing and a figure 50 indicates an expansion.
Since Australia is a proxy economy for China, the AUD/USD pair pre-data rose around 40+ pips before falling. As seen in the M15 chart above, a double top was formed and presented an opportunity to short. In other words, the pair failed to break resistance at the second test and as buyers lost interest, the price started to tumble.
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