The Australian Dollar (AUD) continues to gain ground for the second successive day on Wednesday. This upside is attributed to the Judo Bank's Australia Purchasing Managers Index (PMI) figures, which showed a slight improvement in June.
Australia's Retail Sales, a measure of the country's consumer spending, increased by 0.6% MoM in May, up from the previous month's 0.1% rise. This figure exceeded market expectations of a 0.2% increase.
The AUD/USD pair is also supported by the weaker US Dollar (USD), which is likely due to the decline in US Treasury yields. Traders will be looking for further direction from the US ADP Employment Change, ISM Services PMI for June, and the FOMC Minutes, all of which are scheduled for release later on Wednesday.
The Australian Dollar trades around 0.6670 on Wednesday. The analysis of the daily chart shows a symmetrical triangle, which represents a pause in the trend as traders reach an equilibrium. However, once the price breaks out decisively from the triangle, it would signal a clear directional trend. However, the 14-day Relative Strength Index (RSI) is slightly above 50 level, indicating a bullish bias.
Source : FXstreet
