AUDUSD Under Selling Pressure at Daily Lows

AUDUSD trades 0.40% lower at 0.6747 despite the ANZ-Roy Morgan Australian Consumer Confidence gained 1.2% the previous week, lifting the index above its long-term average. Current economic conditions fell 1.4%, the fourth consecutive decline, while future economic conditions had a marginal gain of 0.2%. Reserve Bank of Australia’s Governor Lowe noticed that monetary policy can push up asset prices but can’t support and deliver medium-term growth.

In the daily chart, the pair today retreats from yesterday’s impressive rebound after it made fresh weekly low at 0.6688. AUDUSD failed to hold yesterday’s gains and as of writing broke below the 50-hour moving average. Bears are in control of the medium term. On the downside, first support now stands at 0.6688 yesterday’s low, a level that if breached will enhance the slide toward the 0.66 round figure. On the upside, immediate resistance stands at 0.6787 yesterday’s high while more offers will emerge at 0.6817 the high from August 13 and then at 0.6898 the 50 day moving average.

AUDUSD Under Selling Pressure at Daily Lows
AUDUSD Under Selling Pressure at Daily Lows