AUD/USD gains momentum above 0.6420
Updated
Hello dear traders. Today the AUD/USD pair gained traction during the early Asian trading session on Monday. The pair's recovery was supported by weakness in the US Dollar (USD) and a decline in US Treasury yields. At the time of writing, AUD/USD is trading at 0.6442, up 0.03% on the day.
Australian PMI data showed a slight improvement on Friday. The preliminary S&P Global Services PMI came in at 50.5 in September, improving from 47.8 in August. While the Manufacturing PMI fell to 48.2 from 49.6 in the previous reading. The Composite Index also improved from 48.0 to 50.2.
From a technical perspective the pair is expected to fall to at least the indicated level with an upward correction and reach the indicated resistance zone.
Australian PMI data showed a slight improvement on Friday. The preliminary S&P Global Services PMI came in at 50.5 in September, improving from 47.8 in August. While the Manufacturing PMI fell to 48.2 from 49.6 in the previous reading. The Composite Index also improved from 48.0 to 50.2.
From a technical perspective the pair is expected to fall to at least the indicated level with an upward correction and reach the indicated resistance zone.
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