AUDUSD recovers from worst daily loss, with small gains

The AUDUSD is resuming its decline towards 0.6600, halting its recovery.

The AUDUSD is resuming its decline towards 0.6600, halting its recovery after the RBA Trimmed Mean CPI fell more than predicted in Q1. The Australian CPI statistics, on the other hand, came in hotter than predicted. Markets are trading cautiously ahead of important US economic data and profits.

Oversold RSI (14) and one-month-old horizontal support placed a floor beneath Aussie prices.

The AUDUSD pair rises slightly at 0.6630 as it consolidates the largest daily loss in a week. Ahead of the Australia Consumer Price Index (CPI) on Wednesday morning. As a result, the Aussie pair recovers from a horizontal region indicated by various levels since late March. Amid an oversold RSI (14) line.

However, amid negative MACD signs, the rebound advances lack upward potential. Moreover the persistent negative breach of a 1.5-month-old prior support line. Now immediate resistance near 0.6655, also poses a challenge to AUDUSD buyers. Furthermore, the probable gloomy reading of Australian inflation and the RBA’s (RBA) dovish stance kept the pair sellers optimistic.

Nonetheless, the quotation must successfully breach the aforementioned horizontal support near 0.6620-25. In order to persuade the market. The AUDUSD is falling.

Furthermore Following that, the annual low recorded in March around 0.6565 will be scrutinized.

Meanwhile, recovery advances must pass the 0.6655 support-turned-resistance line. To persuade intraday buyers of the AUDUSD pair.

However, a downward-sloping resistance line from April 20 and the 200-SMA, both at 0.6680 and 0.6690. Followed by the 0.6700 round figure, might pose a test to purchasers of the Aussie pair.

Moreover To summarize, even if the price rebounds off short-term crucial support. The AUDUSD remains on the bear’s radar.

AUDUSD Daily Trends