FxWirePro: AUD/USD grinds higher amid risk appetite revival

• AUD/USD edged higher    on Wednesday  as improving global risk sentiment lifted demand for Australian dollar.

•   Global risk sentiment improved as oil prices fell after Qatar said mediators were making progress toward ending the U.S.-Iran war, although few details were provided.

•Oil prices fell sharply, with Brent crude dropping around 6% as reports continued to suggest potential progress in Iran peace negotiations, easing concerns over global supply disruptions.

• Australia's private sector gathered pace at the start of the third quarter, led by stronger services activity that drove a broad-based expansion in business conditions...

•  The S&P Global Australia Services PMI rose to 53.6 in July from 50.5 in June, the highest level in six months, while the Composite PMI advanced to 53.2 from 50.4.

•  Immediate resistance is located at 0.7020(Higher BB), any close above will push the pair towards 0.7052(50%fib).

•  Support is seen at 0.6989(Daily low) and break below could take the pair towards 0.6957(61.8%fib).

 Recommendation: Good to sell around 0.7060 with stop loss of 0.7100 and target price of 0.7000