China's services PMI hit lowest since April 2020

Описание: 2021-07-05 07:10:36 UTC
This morning, China's Caixin services PMI dropped to 50.3 in June from 55.1 in May, below the expected 54.9. This figure was the lowest since April 2020. A reading above 50 indicates expansion in activities, while a reading below reflects contraction.

AUD/USD edged down this morning

The currency pair has crossed a downward trend line.

A bullish flag pattern is taking shape (continuation trend pattern).

The RSI (14) has landed on a support around its neutrality area at 50%.

Suggest long positions above 0.7500 with targets at 0.7530 & 0.7545 in extension.

Below 0.7500 look for further downside with 0.7480 & 0.7460 as targets.