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Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- AUD/USD was trading 1.06% lower on the day at 0.7166 at around 05:40 GMT
- The major is on track to form Three Black Crows pattern on the daily charts
- Close below 200-DMA on Friday's trade has opened downside in the pair
- Price action has slipped below the daily cloud and Chikou span is biased lower
- Momentum bearish, volatility high, scope for further drag lower
Fundamental Overview:
The risk-sensitive Australian Dollar slid sharply last week on the broad risk-off move that dragged most APAC currencies lower.
Growing hawkish shifts in Fed rate hike bets keep the US dollar buoyed, weighing on the pair.
Focus now on Australia consumer price index (CPI) data for the first quarter due later this week on Wednesday.
Analysts expect CPI rising to 4.6% on a year-over-year basis, up from 3.6% y/y in Q4. A better-than-expected print could strengthen RBA rate hike bets, thereby supporting the Aussie.
As of Friday, cash rate futures were showing little chance for a rate hike at the May RBA meeting.
Major Support Levels: 0.7147 (200-week MA), 0.71
Major Resistance Levels: 0.72, 0.7291 (200-DMA)
Summary: AUD/USD finds major support at 200-week MA at 0.7147. Technical bias for the pair is bearish. Watch out for decisive break below 200-week MA for major weakness.
