AUD/USD loses the 0.75 key level, further downside could be on the cards

Aussie slipping on mixed China figures, wages could bring more of the same.
Australian employment rates on Wednesday will be the number to watch this week.

Joshua Gibson FXStreet

The AUD/USD is trading near 0.7470 after sliding further back on Tuesday, stooping below the 0.7500 major level.

Chinese production figures came out mixed yesterday, and the sideways printing sent the Aussie into a bearish mood, and the AUD is continuing to droop against the broader market.

Today will see the Australian Wage Price Index and Westpac Consumer Confidence survey results at 01:30 GMT, but Aussie traders will be focusing on the Australian employment figures dropping on Wednesday. A Dovish Reserve Bank of Australia has been hobbled by sagging economic growth, and AUD bulls have been buried under widening interest rate differentials as the RBA looks set to stand pat on rates well into 2019.

AUD/USD levels to watch

The pair has overextended technical indicators in oversold territory, but sticking an upswing could prove tricky, and as FXStreet's own Valeria Bednarik noted, "from a technical point of view, the 4 hours chart favors additional slides ahead, as the pair extended well below its 20 and 100 SMA, both converging around 0.7530, while technical indicators pared their declines but hold near oversold readings. The pair bottomed for the day at 0.7447 with a break below the level favoring a retest of the yearly low set last week at 0.7411."

Support levels: 0.7500 0.7470 0.7435

Resistance levels: 0.7565 0.7610 0.7650

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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