AUD/USD Current price: 0.7432
The AUD/USD suffers despite gold strength and dollar’s broad weakness, undermined by the poor performance of equities, down amid Trump-triggered risk aversion. Further denting Aussie demand were worst-than-expected local data, as consumer confidence fell in May, with the Westpac index posting -1.1% from previous -0.7%.
Wage price index during the first quarter of the years came in line with market’s expectations and barely changed from the previous quarter. The pair advanced up to 0.7443 at the beginning of the day, but was once again rejected from the level, now struggling to hold around the 0.7400 level.
In the 4 hours chart, the price AUD/USD is developing below its 20 SMA while technical indicators entered bearish territory with modest downward slopes, not enough at this point to confirm a bearish extension. Nevertheless, the upside remains well limited with strong selling interest aligned near the daily descendant trend line coming from this year high, today at 0.7450.
Support levels: 0.7390 0.7550 0.7310
Resistance levels: 0.7445 0.7480 0.7510