AUD/USD crashes into 0.76, hits new low YTD

The Aussie fumbles as the Greenback extends its rally.
Australian CPI unlikely to give the AUD a much-needed push upwards.

Joshua Gibson FXStreet

The AUD/USD is trading at the bottom near the 0.7600 handle in the overnight session after a continuation of last week's decline carried over into Monday's session.

The Greenback is staging a recovery across the board, and the Aussie sank to four-month lows on Monday. The pair has shed about two hundred pips in three trading days, spurred on by weakness in metals.

AUD/USD analysis: Aussie tumbles to its lowest for the year

Next up for the Aussie will be the Consumer Price Index figures at 01:30 GMT early Tuesday, expected at 0.5 percent (prev. 0.6), and the numbers are already expected to fail to impress, with the Reserve Bank of Australia (RBA) staunchly unmoved on interest rates, and unlikely to budge until well into 2019.

AUD/USD Levels to watch

2018's declining trend continues and the pair has fallen close to the lower end of the declining channel that has been pricing in since January, but a correction could be expected within this region, and as FXStreet's own Valeria Bednarik noted earlier, "pressuring its daily low, intraday technical readings give no sign of exhaustion, despite the RSI indicator in the 4 hours chart is currently at 19. An upward move will be understood as corrective as long as it can't extend beyond the former monthly low, now resistance at 0.7640, while on a downward acceleration, bears will be looking to retest December low at 0.7501.

Support levels: 0.7600 0.7565 0.7530

Resistance levels: 0.7640 0.6675 0.7700

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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