- AUD/USD break below 200-DMA at 0.7552 on weaker-than-expected China services PMI data.
- China’s Caixin March Services PMI came in at 52.2 vs. 52.6 last, while its composite was 52.1 vs. 52.6 last. Data missed forecasts for a Services PMI rise to 53.2.
- Aussie on the back-foot after dovish comments from the RBA earlier this week.
- Technical studies bearish, RSI and Stochs biased lower, pair eyes 100-DMA at 0.7514.
Support levels - 0.7524 (38.2% Fib retrace of 0.7160 to 0.7749 rally), 0.7514 (100-DMA), 0.7491 (March 9 low)
Resistance levels - 0.7553 (200-DMA), 0.7610 (23.6% Fib), 0.7631 (50-DMA), 0.7679 (Mar 30 high), 0.7710 (Sept 29, 2016 high)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-AUD-USD-hovers-around-076-handle-bias-lower-stay-short-621952) is progressing well.
Recommendation: Hold for 100-DMA at 0.7514.
FxWirePro Currency Strength Index: FxWirePro's Hourly AUD Spot Index was at -115.331(Bearish), while Hourly USD Spot Index was at -10.3491 (Neutral) at 0340 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
