- The Aussie knocked into a new low for 2018 as risk aversion continues to pummel broader markets.
- Meaningful Aussie data is non-existent on the week’s economic calendar, but Thursday sees US GDP numbers.
The AUD/USD is trading near 0.7340 in Thursday’s overnight session after continued risk aversion took the pair down from Wednesday’s high at the 0.7400 major level. This week has been a one-directional affair for the AUD as overall sentiment continues to suffer amidst trade concerns, and the pair slipped to a new low for 2018 at 0.7323.
It’s been a quiet week for the Aussie on the economic calendar, and a lack of data for the Australian economy has seen the AUD/USD fully exposed to swings in broader market sentiment, sending the risk-based AUD down against the better-performing Greenback, and the upcoming US session for Thursday will be bringing annualized US GDP figures for Q1 at 12:30 GMT, which are expected to hold steady at 2.2%.
AUD/USD Levels to watch
As noted by FXStreet’s own Valeria Bednarik, “the short-term technical picture is bearish, as the pair met sellers on a test of a now mild bearish 20 SMA in the 4 hours chart, resuming its decline from the level, while technical indicators turned sharply lower, with the RSI at its lowest for the week at around 33. The immediate support is 0.7345, the yearly low, with a break below the levels favoring a continued decline toward 0.7250 for the upcoming sessions.”
Support levels: 0.7345 0.7310 0.7275
Resistance levels: 0.7400 0.7430 0.7470
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