Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.18% lower on the day at 0.7180 at around 06:50 GMT
Previous Week's High/ Low: 0.7166/ 0.7035
Previous Session's High/ Low: 0.7199/ 0.7152
Fundamental Overview:
Aussie unimpressed by China NBS Manufacturing PMI and softer housing data at home released earlier on Tuesday.
Australia’s Building Permits for April shrank to -2.4% compared to 2.0% expected growth and -18.5% in previous readings.
China’s official activity numbers marked contraction for May as the headline NBS Manufacturing PMI matched 49.6 forecasts, versus 47.4 prior, while the Non-Manufacturing eased to 47.8, below 50.7 market consensus.
Technical Analysis:
- AUD/USD confirms 'Death Cross' on the daily charts
- MACD and ADX still support upside in the pair
- Price action has slipped below 0.72 handle and is hovering around 55-EMA support
- GMMA indicator shows major trend is neutral, while minor trend is bullish
Major Support and Resistance Levels:
Support - 0.7138 (200-week MA), Resistance - 0.7244 (50-DMA)
Summary: AUD/USD snaps 3-day winning streak. Retrace below 200-week MA could see more weakness.
