AUDUSD continues to fall below 0.6630, reaching two-week lows

The AUDUSD is under pressure, targeting the 0.6630 support level.

The AUDUSD is plunging dramatically on Tuesday as the US Dollar strengthens and market mood is mixed. The currency pair is now trading at 0.6627, its lowest level since April 11.

At 0.6630, it is testing a relevant support area. The AUDUSD reached a low of 0.6627. It is testing at levels lower than the 0.6630 support area. A break below that level would reveal 0.6600. A lower break would aim for the March low of 0.6560.

A rally over 0.6670 would relieve bearish pressure. The next level of resistance is 0. 6710.The AUDUSD began to fall during Asian hours as iron ore prices continued to fall.

Following a brief halt, the pair continued its slide amid US Dollar gains. The US Dollar Index is up 0.50%, trading over 101.80 and poised to reach Monday’s highs.

Despite lower US rates, the US dollar gains momentum.

Even as US rates fall, the greenback is strengthening. Such behavior suggests a greater desire for safety. Stocks are sliding on Wall Street, with the Dow Jones down 0.39% and the Nasdaq down 1%, due to conflicting US data and increased financial fears.

The S&P Case-Shiller Home Price Index increased 0.4% year on year in February; New Home Sales increased 9.6% in March; and CB Consumer Confidence fell to six-month lows in April, according to statistics released on Tuesday.

Australia will publish its inflation numbers on Wednesday. The Consumer Price Index is expected to have gained 1.3% in the first quarter, with the annual rate falling from 6.8% in February to 6.6% in March. Those figures will be important. advance of the Reserve Bank of Australia meeting next week.

AUDUSD Daily Trends