Aussie seems to be losing its positive momentum after falling below 0.7100 AUD AUDUSD $AUD $AUDUSD
greenback’s broad weakness as the market’s mood remained sour. Macroeconomic figures pointed to slowing economic progress in the second quarter of the year, as inflation does not recede while coronavirus-related lockdown in China exacerbated supply chain issues.
In fact, JP Morgan downgraded China’s growth forecast to 3.7% from 4.3% in 2022, while other research institutes followed suit. Meanwhile, S&P Global published the preliminary estimates of May Australian PMIs. The manufacturing index contracted to 55.3, worse than anticipated, while the services one came down to 53 from 56.6 previously, although slightly better than anticipated. The country will release Q1 Construction Word Done, although the focus in Asia will be on the Reserve Bank of New Zealand, which is expected to hike the benchmark rate by 50 bps to 2%.The AUD/USD pair was unable to hold above 0.7100, the 61.8% retracement of its 0.7265/0.66828 slump, meeting sellers around it. The dailyshows that the pair remains above a directionless 20 SMA, which holds a handful of pips below the immediate Fibonacci support at 0.7045. The Momentum indicator retreated sharply from its midline, while the RSI is stable within neutral levels, suggesting decreased buying interest. The 4-hour chart shows that the pair remains above a bullish 20 SMA, which advances above a flat 100 SMA. The 200 SMA, however, maintains its bearish slope well above the current level. Finally, technical hold directionless above their midlines. Further declines could be confirmed on a break below the 50% retracement of the aforementioned slide at 0.7045.View Live Chart for the AUD/USD Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
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