AUD/USD Current Price: 0.5906
- Australian services output plunged, manufacturing activity held into expansion territory.
- Gold soared amid broad dollar’s weakness and despite ruling risk appetite.
- AUD/USD neutral in the short-term, struggling to extend gains beyond Friday’s high.
The Australian dollar advanced against its American rival to 0.5975, its highest for this week, with the pair ending the day around 0.5900. Data coming from the country were mixed, as the Commonwealth Bank Services PMI plunged to 39.8 in March according to preliminary estimates, although the manufacturing index for the same period beat expectations with 50.1. PM Scott Morrison announced that the government is extending restrictions on social movements, adding to the world’s social-distancing stance to contain the spread of COVID-19.
Still, the robust surge in equities was what backed the pair, alongside gold prices, which also rallied on the dollar’s broad weakness. Spot gold traded as high as $1,631 a troy ounce, ending the day around 1,622. The Australian macroeconomic calendar will remain empty this Wednesday.
AUD/USD short-term technical outlook
Support levels: 0.5850 0.5810 0.5770
Resistance levels: 0.5930 0.5975 0.6000
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