AUD/USD analysis: bearish, heading towards 0.7250
|AUD/USD Current price: 0.7384
The Australian dollar was among the worst performers this Monday, ending the day below the 0.7400 mark against its American rival. Chinese trade balance for April printed a larger-than-expected surplus of $38.05 billion, higher than the $23.93 billion reported in March, and above market's expectations, but exports rose 8.0% in dollar terms, while imports rose 11.9%, both falling short of expectations. The Aussie fell on the news, despite the NAB business confidence surged to a six-year high in the same month, up to 13 from previous 6. The country will release its retail sales figures for March during the upcoming Asian session, expected to have advanced by 0.3% in March, although seems unlikely that an even stronger-than-expected reading could revert the sour tone of the AUD. Technically, the 4 hours chart shows that an early advance was contained by selling interest around a bearish 20 SMA, whilst the Momentum indicator advanced up to its 100 level, but so far failed to advance above it, and the RSI indicator holds flat around 34, maintaining the risk towards the downside.
Support levels: 0.7365 0.7330 0.7295
Resistance levels: 0.7410 0.7440 0.7490
View Live Chart for the AUD/USD
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