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Chart - Courtesy Trading View
Spot Analysis:
AUD/USD was trading 0.45% lower on the day at 0.7197 at around 05:05 GMT.
Previous Week's High/ Low: 0.7282/ 0.7140
Previous Session's High/ Low: 0.7247/ 0.7156
Fundamental Overview:
China’s diplomats express fear of a slowdown in global demand, keeping the antipodeans depressed.
China’s Vice Commerce Minister Wang Shouwen joined China’s Vice Finance Minister Zou Jiayi to renew fears of global economic slowdown, as well as fears of receding demand.
Aussie struggles to benefit from hawkish comments of former Governor of the Reserve Bank of Australia (RBA) Ian Macfarlane.
Ex-RBA Governor Macfarlane warned over persistently high inflation and the need to sharply hike rates in early Wednesday.
The former policymaker also mentioned, “There is enough scarcity in Australia and in the US to keep the rate of inflation high.”
On the data front, US trade deficit for April marked the historical fall of 19.1% to USD87.1bn the previous day.
Friday’s US Consumer Price Index (CPI) for May will be crucial to determine USD price dynamics.
Technical Analysis:
- AUD/USD extends choppy trade, between 200-DMA and 55-EMA
- Major and minor trend as evidenced by GMMA indicator have gone flat
- 'Death Cross' on the daily charts keeps scope for downside
- Price action is below cloud and oscillators are showing signs of bearishness
Major Support and Resistance Levels:
Support - 0.7182 (55-EMA), Resistance - 0.7254 (200-DMA)
Summary: AUD/USD trades with a neutral bias. Price action capped between major moving averages and breakout will provide clear directional bias.
