China Caixin Services PMI beats, supportive of AUD/USD´s near-term outlook

Ross J Burland FXStreet

The Caixin Services PMI, released by Markit Economics, has been released as follows:

China Caixin Services PMI March: 57.8 (est 55.0; prev 55.0).
Caixing Composit PMI March: 54.5 (prev 54.2).

AUD/USD update

AUD/USD remains tucked in on top of the 0.6700 trendline support.

AUD/USD´s bearish pennant is a compelling feature on the daily time frames and failures below 0.6720 keep the bearish bias in place as the following will illustrate.

AUD/USD Price Analysis: Bears eye break below 0.6650

About The Caixin Services PMI

The Caixin Services PMI™, released by Markit Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies. The panel has been carefully selected to accurately replicate the true structure of the services economy.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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