FxWirePro: AUD/USD consolidates previous session's slump, bears eye 61.8% Fib support

Chart - Courtesy Trading View 

AUD/USD was trading 0.07% lower on the day at 0.6578, at around 04:50 GMT, bias remains bearish.

Price action is consolidating previous session's slump, where the pair closed 2.18% lower after US dollar rallied, triggered by hawkish testimony from Fed Chair Powell.

Further, China's mixed trade data and a warning on a potential escalation in Sino-U.S. tensions from China's foreign minister soured risk appetite, denting antipodeans.

While the country posted a record trade surplus in the January-February period, a sharp drop in imports raised concerns over a sluggish recovery in local demand.

Focus now on the Fed's Beige Book due later on Wednesday and a reading on nonfarm payrolls due on Friday for further impetus.

Major Support Levels: 

S1: 0.6547 (61.8% Fib)

S2: 0.6445 (Lower W BB)

Major Resistance Levels: 

R1: 0.6663 (50% Fib)

R2: 0.6678 (5-DMA)

Technical Summary: AUD/USD has hit fresh 4-month lows at 0.6567 and is poised for further downside. Price action is well below cloud and major moving averages which are trending lower. 

MACD and ADX support downside in the pair. Momentum is bearish and volatility is high and rising. The pair has slumped below 50% Fib and bears now eye 61.8% Fib support at 0.6663.