FxWirePro: AUD/USD holds marginal gains amid subdued dollar ahead of US Services PMI data

Chart - Courtesy Trading View 

AUD/USD was trading 0.30% higher on the day at 0.6748 at around 06:10 GMT, extends choppy trade below 200-DMA.

USD dollar Index DXY subdued as markets await the release of US Services PMI data at 1445 GMT later in the NY session.

A minor recovery in the risk appetite supports Aussie, dents dollar demand despite hawkish commentaries from Federal Reserve (Fed) policymakers.

US Services PMI is seen lower at 54.5 from the former release of 55.2. The New Orders Index which conveys the forward demand is expected to decline to 58.5 from the prior figure of 60.4.

AUD/USD trades with a bearish technical bias. Price action is below cloud and 200-DMA. 

That said, bears are struggling to take the pair lower. Price action is extending choppy trade below 200-DMA. Oversold oscillators keep scope for pullback.

Major Support Levels:

S1: 0.6678 (Lower BB)

S2: 0.6663 (50% Fib)

Major Resistance Levels: 

R1: 0.6780 (38.2% Fib)

R2: 0.6789 (200-DMA)

Summary:

• AUD/USD is extending sideways below 200-DMA
   
• Technical bias remains bearish
   
• US ISM PMI in focus for influence on price action