Title: AUD/USD continues to push higher toward 0.7600
Jun 23, 2021 1:25:48 PM GMT
After fluctuating in a slim band round 0.7550 at some stage in the Asian session, the AUD/USD pair received traction and reached each day excessive of 0.7585. As of writing, the pair become up 0.3% at the day at 0.7575.
The facts from Australia confirmed on Wednesday that the Commonwealth Bank Composite PMI edged decrease to 56.1 in June's initial analyzing from 58 in May. Nevertheless, this analyzing confirmed that the personal sector's commercial enterprise pastime persevered to expand, albeit at a softer tempo than it did in May.
On the alternative hand, the United States Dollar Index (DXY), which retraced a part of closing week's rally on Monday and Tuesday, struggles to opposite its route in advance of the IHS Markit's Manufacturing and Services PMI reports. At the moment, the DXY is posting small each day losses at 91.64, permitting AUD/USD to stay afloat the high-quality territory.
Assessing AUD/USD's technical outlook, AUD/USD might also additionally see a short-time period correction again closer to the ‘neckline’ to the main pinnacle at 0.7588/7617, however, the latest weekly near beneath the important thing band of help such as the 200-day common at 0.7556 reversed us right into a medium-time period bearish view, stated Credit Suisse analysts.