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AUD/USD Forecast: Poised To Challenge The April Monthly Low

AUD/USD Current Price: 0.7606

  • Mixed Australian data somehow hurt demand for the aussie.
  • Global stocks traded with a soft tone throughout the day.
  • AUD/USD is poised to challenge the April monthly low.

The AUD/USD pair edged lower despite the broad dollar’s weakness, ending the day near a daily low at 0.7603. The pair fell throughout the day, with the aussie weighed by the sour tone of global equities. The greenback picked some steam ahead of the US close, mainly up against commodity-linked rivals.

Australian data released at the beginning of the day was mixed, as the AIG Performance of Construction Index improved to 61.8 in March from 57.4 previously. However, the Commonwealth Bank Services PMI for the same month printed at 55.5, missing the market’s expectations. The country won’t publish macroeconomic figures this Thursday.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair is near the mentioned low and poised to extend its decline. The 4-hour chart shows that technical indicators extended their bearish slopes within negative levels, as the price remains below all of its moving averages, which slowly gain downward traction. A steeper decline is on the cards once the pair breaks below 0.7590, this month low and the immediate support.

Support levels: 0.7590 0.7550 0.7510

Resistance levels: 0.7645 0.7690 0.7710

View Live Chart for the AUD/USD

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