AUD/USD chart - Trading View
AUD/USD fails to build on gains amid rise in iron ore futures, bias remains bearish.
Dalian iron ore futures rose 3.3 percent to 727.5 yuan ($105.34) a tonne, hitting record highs.
Aussie on the defensive after weak Aussie construction sector data which further strengthens the case for an RBA rate cut in June.
Australia Construction Work Done (Q1), a key metric that feeds directly into the GDP missed estimates.
Construction work contracted 1.9% in Q1 2019, the data released by the Australian Bureau of Statistics showed.
AUD/USD trades with a major bearish bias, upside remains capped at 5-DMA.
Strong trendline support seen at 0.6850. Break below eyes 88.6% Fib at 0.6807.
Support levels - 0.6850 (trendline), 0.6807 (88.6% Fib)
Resistance levels - 0.6886 (5-DMA), 0.6968 (21-EMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
