FxWirePro: AUD/USD hovers around cloud base, poised for more downside

Chart - Courtesy Trading View 

AUD/USD was trading 0.58% lower on the day at 0.6858 at around 18:05 GMT.

Data published by the Australian Bureau of Statistics reported that building approvals plunged 17.2% in July, following a 0.6% decline in June. 

The report shows steadily deteriorating conditions in the housing market amid rising interest rates, adding downward pressure on the Australian dollar.

On the other side, Hawkish Fed expectations limit the USD downside and cap gains. 

The data published by the Conference Board showed that the Consumer Confidence Index improved to 103.2 in August from 95.3 in the previous month.

Further details showed the Consumer Present Situation Index climbed to 145.4 from 139.7 and the Consumer Expectation Index rose to 75.1 from 65.6.

Data published by the US Federal Housing Finance Agency showed on Tuesday that Housing Price Index rose by 0.1% on a monthly basis in June, missing market expectation of 1.1%.

Further, the S&P/Case-Shiller Home Price Index arrived at 18.6% on a yearly basis in June, compared to analysts' estimate of 19.5%.

Focus now on the release of the ISM Manufacturing PMI data, due Thursday which is expected to land at 52, lower than the prior release of 52.8.

Technical bias for the pair is bearish. Price action hovers around cloud base support. Break below will plummet prices further.