FXWIREPRO: AUD/USD Edges Higher on Upbeat China Services PMI Data, Good to Buy Dips

FXWIREPRO: AUD/USD Edges Higher on Upbeat China Services PMI Data, Good to Buy Dips

• AUD/USD rebounds from session lows at 0.7510 following the release of the Chinese services PMI report.  
• Data showed that China services sector activity expanded from 51.2 in Feb to 52.2 in Mar, highlighting that the recent stimulus measures by the Chinese central bank are yielding results. 
• Dismal Australia trade data along with widespread risk aversion and RBA rate decision had seen heavy losses in the pair over the last two trading sessions. 
• AUD/USD was at the time of writing trading at 0.7561, with immediate resistance at 0.7570 (4H 10 SMA) and support at 0.7543 (4H 5 SMA). 
• Technical indicators on the 2 hourly charts show scope for some upside - Stochs have rolled over from oversold, RSI points north, 5-DMA bullish crossover on 10-DMA and MACD line bullish crossover on signal line. 
• RBA’s assistant governor Kent's speech will be watched, while the main focus remains on the FOMC minutes release amid an otherwise data-empty US session.
  

Recommendation: Buy AUD/USD dips around 0.7555/60, SL: 0.7530, TP: 0.7595 

The material has been provided by InstaForex Company - www.instaforex.com