AUD/USD: Bears unperturbed by solid China services, eyes 0.7800

• Tracks commodities’ prices lower.
• China Caixin services - a big positive surprise.
• Focus shifts to the US ADP jobs data.

AUD/USD keeps its offered tone intact and meanders near the daily lows of 0.7814, with a positive surprise delivered by the Chinese Caixin services sector data virtually having no impact on the rates.

AUD/USD: Corrective slide to extend further?

The Aussie came under aggressive selling pressure in Asia this Wednesday, mainly driven by the ongoing rebound in the US dollar across its main competitors, as the USD bulls cheer stronger US manufacturing data and more-hawkish-than expected FOMC minutes.

More so, a retreat in gold and copper prices also weighed down on the resource-linked Aussie, as upbeat Aus AIG manufacturing index and Chinese Caixin services PMI data were largely ignored by markets.

Australian AIG Services Index PMI came in at 52 vs 51.7 last while China Caixin Dec services PMI showed a solid rebound, arriving at 53.9 vs. 51.8 exp and 51.9 previous.

Markets now look forward to a fresh batch of the US macro releases due later today for fresh incentives, with the ADP jobs and unemployment claims data to be watched among other minority reports.

AUD/USD technicals

FXStreet’s Chief Analyst, Valeria Bednarik, noted: "The AUD/USD pair presents a neutral-to-bullish stance heading into the Asian opening, as it found buying interest around a bullish 20 SMA, currently around 0.7810, while technical indicators ease modestly, but still hold within positive territory, failing to anticipate next move. Nevertheless, the risk is lean towards the upside, with scope for an extension up to 0.7896, October monthly high, on a break above 0.7845, the immediate resistance."