AUD/USD – lackluster reaction to upbeat China data

Having strengthened in early Asia despite weak Australia services index data, the AUD/USD pair is now struggling to extend gains beyond 0.7585 levels even though the China services PMI number bettered estimates.  

Hovers around 0.7585

At the time of writing, the currency pair traded around 0.7585 levels. The Aussie managed to score gains in early Asia even though the Australian service sector index for August witnessed its biggest drop.

Meanwhile, China August service PMI released just now bettered estimates to print at 52.1. The upbeat figure could strengthen the bid tone around the pair, although the spot appears stuck around 0.7585 levels. With US on holiday, there is little scope for spike in volatility today. 

AUD/USD Technical Levels

The spot clocked a high of 0.7586 in Asia. A break above 0.76 (zero figure) would expose 0.7692 (Aug 26 high). A violation there would open doors for 0.7760 (Aug 11 high). On the lower side, break below 0.7567 (50-DMA) could yield 0.7545 (5-DMA) and 0.75 levels.




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