AUD/USD extends slide below 0.6630, hits two-week lows

Australian Dollar falls as Wall Street wavers.
US Dollar gains momentum despite lower US yields.
AUD/USD under pressure, testing level under the 0.6630 support.

Matías Salord FXStreet

The AUD/USD is falling sharply on Tuesday amid a stronger US Dollar and a mixed market sentiment. The pair is trading at 0.6627, the lowest level since April 11. It is testing a relevant support area at 0.6630.

AUD under pressure ahead of Australian inflation

The AUD/USD started to decline on Asian hours, as Iron one prices continued to sink. After a pause, the pair resumed the decline amid US Dollar strength. The US Dollar Index is up by 0.50%, above 101.80, about to test Monday’s highs.

The Greenback is rising even as US yields decline. Such behavior reflects more demand for safety. In Wall Street, stocks are falling with the Dow Jones down 0.39% and the Nasdaq 1%, amid mixed US data and renewed banking concerns.

US data released on Tuesday showed an increase in the S&P/Case-Shiller Home Price Index in February of 0.4% from a year ago; a 9.6% surge in New Home Sales in March and a decline to six-month lows in CB Consumer Confidence in April.

On Wednesday, Australia will report inflation data. The consensus is for the Consumer Price Index to have risen 1.3% in the first quarter; and for the annual rate to decline from 6.8% in February to 6.6% in March. Those numbers will be relevant ahead of next week’s Reserve Bank of Australia meeting.

Testing 0.6630

The AUD/USD bottomed at 0.6627. It is testing levels below the 0.6630 support area. A consolidation below that zone would expose 0.6600. A break lower would target the March low at 0.6560.

A recovery above 0.6670 would alleviate the bearish pressure. The next resistance is 0.6710.

Technical levels

AUD/USD

Overview
Today last price	0.6633
Today Daily Change	-0.0063
Today Daily Change %	-0.94
Today daily open	0.6696

Trends
Daily SMA20	0.6706
Daily SMA50	0.6721
Daily SMA100	0.6798
Daily SMA200	0.6742

Levels
Previous Daily High	0.6699
Previous Daily Low	0.6666
Previous Weekly High	0.6772
Previous Weekly Low	0.6678
Previous Monthly High	0.6784
Previous Monthly Low	0.6564
Daily Fibonacci 38.2%	0.6686
Daily Fibonacci 61.8%	0.6678
Daily Pivot Point S1	0.6675
Daily Pivot Point S2	0.6653
Daily Pivot Point S3	0.6641
Daily Pivot Point R1	0.6708
Daily Pivot Point R2	0.672
Daily Pivot Point R3	0.6742

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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