FxWirePro: AUD/USD pauses seven straight days of declines, holds above 0.60 handle

AUD/USD chart - Trading View 

AUD/USD has paused seven straight sessions of downside and was trading marginally higher on the day.

The pair was trading 0.42% higher at 0.6021 at around 05:45 GMT, after hitting lowest since April 2003 (17-year low).

The Aussie found some support after RBA infuses liquidity, adds A$10.7 bln to the banking system through repos.

On the data front, the preliminary readings of February month Aussie Retail Sales reversed the prior -0.3% figures with a +0.4% mark rise. 

Upbeat data could also be supporting the Aussie, however, further downside to come should he US dollar continues to pick up a safe haven bid.

The final readings for retail sales, to be out on April 08, will be closely watched, coupled with global measures to fight against the epidemic for further direction.

Technical analysis show no respite from bear grip, further downside on charts.

Next major support on the downside lies only at 0.5531 (Aug 1998 low) ahead of 0.5495 (88.6% Fib retracement). 

Immediate resistance lies at 0.6105 (5-DMA). Close above could see minor pullback. Next hurdle lies at 200H MA at 0.6369.