FxWirePro: AUD/USD confirms 'Death Cross' on daily charts, retraces from 0.72 handle

Chart - Courtesy Trading View 

Spot Analysis:

AUD/USD was trading 0.18% lower on the day at 0.7180 at around 06:50 GMT

Previous Week's High/ Low: 0.7166/ 0.7035

Previous Session's High/ Low: 0.7199/ 0.7152

Fundamental Overview:

Aussie unimpressed by China NBS Manufacturing PMI and softer housing data at home released earlier on Tuesday.

Australia’s Building Permits for April shrank to -2.4% compared to 2.0% expected growth and -18.5% in previous readings.

China’s official activity numbers marked contraction for May as the headline NBS Manufacturing PMI matched 49.6 forecasts, versus 47.4 prior, while the Non-Manufacturing eased to 47.8, below 50.7 market consensus.

Technical Analysis:

- AUD/USD confirms 'Death Cross' on the daily charts

- MACD and ADX still support upside in the pair

- Price action has slipped below 0.72 handle and is hovering around 55-EMA support

- GMMA indicator shows major trend is neutral, while minor trend is bullish

Major Support and Resistance Levels:

Support - 0.7138 (200-week MA), Resistance - 0.7244 (50-DMA)

Summary: AUD/USD snaps 3-day winning streak. Retrace below 200-week MA could see more weakness.