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Chart - Courtesy Trading View
AUD/USD was trading 0.60% higher on the day at 0.6895 at around 05:35 GMT.
Cautious comments from Fed Chairman Jerome Powell and San Francisco Fed President Mary Daly keep the US dollar under pressure.
Focus now on the preliminary readings of US Michigan Consumer Sentiment data for May, expected 64 versus 65.2 prior.
Technical analysis is bearish. GMMA indicator shows major and minor trend is strongly bearish.
Price action is below major averages, moving averages are trending lower. MACD and ADX support downside.
Price has resumed weakness for the week after Gravestone Doji on the previous week's candle2E
Major Support Levels:
S1: 1.68
S2: 1.6793 (Lower BB)
Major Resistance Levels:
R1: 0.6914 (5-DMA)
R2: 0.7142 (200H MA)
Summary: AUD/USD poised for further downside. Oversold oscillators may case some pullbacks. Upside however, is likely to be limited.
