AUD/USD refreshes session lows, around mid-0.7100s amid notable USD demand
| • A goodish pickup in the USD demand exerts some fresh pressure at higher levels.
• Stronger US monthly retail sales provided an additional boost to the greenback.
• Weakness below weekly lows might prompt some aggressive technical selling.
The AUD/USD pair extended its intraday rejection slide from the 0.7200 handle and refreshed session lows in reaction to mostly upbeat US macro data.
The pair continued with its struggle to sustained/build on its momentum beyond the 0.7200 handle and once again witnessed some long-unwinding trade from the very important 200-day SMA amid a goodish pickup in the US Dollar demand.
Sluggish Euro-zone PMI prints reignited global growth concerns and partly offset the latest optimism over a possible US-China trade deal, which eventually turned out to be one of the key factors benefitting the greenback's relative safe-haven status.
The already stronger USD got an additional boost in wake of upbeat US monthly retail sales data for March and steady initial weekly jobless claims, with bulls shrugging off a slight disappointment from the Philly Fed Manufacturing index for April.
The latest leg of a downtick since the early European session has now dragged the pair back closer to weekly lows, which if broken might prompt some fresh technical selling and pave the way for further intraday weakness ahead of a long Easter weekend.
Technical levels to watch
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