FxWirePro: AUD/USD pauses 7-day winning streak, dismal consumer confidence data dents Aussie

AUD/USD chart - Trading View 

AUD/USD has paused a 7-day winning streak and was trading 0.59% lower at 0.6404 at around 04:30 GMT.

The antipodean was dented after data released earlier today showed Australia's consumer confidence suffered a historical collapse in April.

Australia's Westpac's consumer sentiment index fell to a record low of 75.6 from March's print of 91.9. 

Markets likely to remain cautious ahead of the key US consumer spending and Australian jobs report.

Signs of upside exhaustion in the pair. RSI is showing a slight turn and stochastics are at overbought levels.

Price action has paused shy of 61.8% Fib at 0.6455. Further bullishness only on break above.

Major trend in the pair remains neutral as evidenced by GMMA indicator. Breakout at 200-DMA (0.6720) required for shift major trend.

55-EMA is strong support at 0.6366. Retrace below will see bearish resumption. 

Major Support Levels: 0.6366 (55-EMA), 0.6276 (50% Fib), 0.6238 (21-EMA)

Major Resistance Levels: 0.6455 (61.8% Fib), 0.6522 (daily cloud), 0.6531 (110-EMA)

Summary: Signs of upside exhaustion in the pair. Focus on US consumer spending and Australian jobs report. Watch out for break below 55-EMA for weakness.