FxWirePro: AUD/USD holds marginal gains amid risk-on market mood, extends sideways along 110-EMA support

AUD/USD chart - Trading View 

AUD/USD was trading 0.08% higher on the day at 0.7613 at around 05:24 GMT, bias neutral. 

The pair was extending sideways grind along 110-EMA support, break below will plummet prices.

Greenback was trading slightly subdued as markets await US ISM Services PMI which could offer fresh direction to the pair.

U.S. Services PMI due later today is expected to rise to 58.5 from 55.3. The Employment Index is projected to rise to 53.9 from 52.7 and the Prices Paid Index to drop to 68.3 from 71.8.

Technical indicators for the pair support weakness. RSI is flat and below the 50 mark. Stochs show momentum is strongly bearish.

GMMA indicator shows minor trend has turned bearish and major trend is showing a bearish shift.

Price action has slipped below the daily cloud. MACD and ADX supports downside. The pair is holding support at 110-EMA, break below will plummet prices.

Coronavirus (COVID-19) resurgence across major Asia-Pacific markets is flashing mixed signals. Risk catalysts remain the key, but US ISM Services PMI could offer near-term direction.