AUDUSD Trades Lower As USD Demand Rise

ASX 200
ASX 200

AUDUSD retreat for the second consecutive session from the two-week highs as the USD is stronger across the board. AUDUSD managed to rebound from 13-year lows amid an improvement in investors sentiment. Aussie failed to capitalize on stronger than expected Chinese manufacturing PMI. On the data front, the Australia RBA Commodity Index SDR came in at -10.2% well below the forecasts of -5.2% in March. 

Later on the day, we expect from USA the ADP Non-Farm Payrolls and the ISM Manufacturing PMI, which might drive the AUDUSD price.

RBA announced the previous week that it would buy government bonds up to two billion maturing in 2026 to June 2030.  

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AUDUSD Levels to Watch

AUDUSD is 1.01% lower at 0.6073 as the rebound from 13-year lows stalled at 0.62 mark. The technical picture for AUDUSD has deteriorated in the short term, as the pair failed to break above the two-week highs. The longer-term outlook is bearish, despite the recent rebound as the pair hovers below all major daily moving averages.

On the downside, initial support for AUDUSD will be met at 0.6052 the daily low, while a break below might test 0.6022 the low from March 27. In case of a move lower, the next support area stands at 0.5873 the low from March 26.

On the downside, first resistance for the pair stands at 0.6159 the daily high. Above that level, more offers will be met at 0.6213 the high from yesterday’s trading session. The next offer zone for the pair would be reached at 0.6307 the high from March 16. 

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