AUD/USD falls to brand-new lows, the tumble continues below 0.75
- AUD sinks into fresh lows with little hope on the horizon of a recovery.
- Aussie corrective phase was short-lived, Consumer Confidence unlikely to inspire for Wednesday.
The AUD/USD knocked lower in Tuesday's trading, currently trading on the lower side of 0.7450.
The Aussie tumbled into a fresh one-year low against the Greenback yesterday, hitting 0.7433. The Dollar continues to be well-bid across the board, though Dollar buyers were given a reason to pause late in the US session when US President Trump announced he was pulling out of the Iranian deal. The USD held its ground following the news, and the AUD has resumed falling in the overnight session after a slight rebound from Tuesday's bottom.
AUD/USD analysis: bears retain control ahead of Australian consumer confidence
Wednesday brings the Australian Westpac Consumer Confidence survey at 00:30 GMT, which last printed at -0.6%. Data from Australia has been a regular disappointment as of late, and a continued poor showing for the Australian economy will continue to push the Reserve Bank of Australia (RBA) further down the road on rate increases, with the central bank already expected to avoid interest rate hikes until well into 2019.
AUD/USD levels to watch
Continued breaks to the downside may well be on the cards, and as FXStreet's own Valeria Bednarik noted, the 0.7500 level that supported the pair last week and back in November 2017 could now be the new ceiling: "the pair is still technically bearish according to readings in the 4 hours chart, as the price is well below a now bearish 20 SMA, while the Momentum indicator extends its decline within bearish territory and the RSI consolidates around oversold readings. A break below the mentioned daily low should expose the 0.7360 region a strong static support. Corrective upward moves, on the other hand, should meet selling interest on approaches to the 0.7500 level."
Support levels: 0.7435 0.7400 0.7365
Resistance levels: 0.7475 0.7510 0.7550