AUDJPY Forex Analysis - Double Top Forming At 90.18 Daily Resistance

Economic activity in the services sector expanded in March for the third consecutive month as the Services PMI® registered 51.2 percent, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®. The sector has grown in 33 of the last 34 months, with the lone contraction in December. The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: "In March, the Services PMI® registered 51.2 percent, 3.9 percentage points lower than February's reading of 55.1 percent. The composite index indicated growth in March for the third consecutive month after a reading of 49.2 percent in December, the first contraction since May 2020 (45.4 percent). The Business Activity Index registered 55.4 percent, a 0.9-percentage point decrease compared to the reading of 56.3 percent in February. The New Orders Index expanded in March for the third consecutive month after contracting in December for the first time since May 2020; the figure of 52.2 percent is 10.4 percentage points lower than the February reading of 62.6 percent. tweet at 10:00am: US ISM Services (Mar) act: 51.2, exp: 54.4, prev: 55.1 US ISM Prices Paid (Mar) act: 59.5, prev: 65.6 US ISM Employment (Mar) act: 51.3, prev: 54US ISM March services index 51.2 vs 54.5 expected Prior was 55.1 • employment index 51.3 versus 54.0 prior • new orders index 52.2 versus 62.6 expected • prices paid index 59.5 versus 65.6 prior • new export orders 43.7 versus 61.7 last month • imports 43.6versus 52.6 last month • backlog of orders 48.5 versus 52.8 last month • inventories 52.8 versus 50.6 last month • supplier deliveries 45.8 versus 47.6 last month • inventory sentiment 57.9 versus 55.3 last month That drop in new orders is a sharp one and overall this looks like a survey that's recoiling from a bank crisis. Now the question is: Does it recover quickly from the banking rout? Or is there a lasting change in market/consumer psychology? We won't know until next month but at least the lower inflation number will give the Fed some comfort.