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AUD/USD chart - Trading View
AUD/USD was trading marginally higher at 0.6082 at around 04:20 GMT, bias is turning bearish.
Earlier today, Australia’s Q1 NAB Business Confidence and Business Conditions flashed disappointing numbers, dropped to -11 from -2 prior. The Business Conditions also slumped from 8 previous to -4.
Further, Moody’s downgraded its outlook for the Australian banking sector from stable to negative, citing the "broad and growing scope of economic and market disruption from the coronavirus outbreak".
The pair has been rejected at 21-EMA and is consolidating losses below 5-DMA, scope for further downside.
Major trend has been strongly bearish and short-term moving averages on the GMMA indicator are also turning bearish.
Technical indicators do not support weakness yet, but break below 200H MA support will change near-term dynamics.
US Jobless Claims will be the key to follow for near-term direction ahead of tomorrow’s US NFP.
Support levels - 0.6019 (200H MA), 0.5866 (23.6% Fib)
Resistance levels - 0.6124 (5-DMA), 0.6158 (21-EMA)
Guidance: Stay short on break below 200H MA (0.6019), SL: 0.6125, TP: 0.5875
