AUD/USD – Can Expect a Bearish Breakdown for the Pair
Bullish View
Take Profit: 0.6700
Stop Loss: 0.6600
Timeline: 1 day
Bearish View
Sell Stop: 0.6620
Take Profit: 0.6500
Stop Loss: 0.7025
Ahead of the 2 key economic data releases concerning Australia, the Aussie Dollar pair price was nearly sitting at its lowest point which is a fresh one after 16th March. Since the Fed announced the 0.25% rate hike and hinted at more such hikes in future, we witnessed a pullback happening in the pair. The pair also got impacted by RBA minutes that indicated they are almost prepared for another phase of rate hikes. The release of retail sales numbers and consumer inflation figures will surely cause some action for the pair. The US consumer confidence data by the Conference Board will also be something to watch out for the pair.
On the charts, we did see a major pullback happening on Friday which can be attributed to the ongoing crisis in the banking sector. The fall also led to a retest of the key support level at 0.6630 which was actually on the lower side of the green ascending channel. The MACD has apparently moved beneath the center line as the pair price continues to sit a little below the 25-period and 50-period MAs. Considering all these aspects, a bearish breakout can be expected for the AUD/USD pair.
