AUD/USD rebounds from lows as greenback loses traction. Durable goods orders data from the U.S. beat expectations. US Dollar Index retreats toward the 98 handle. The AUD/USD pair extended its slide today and touched its lowest level since the flash crash witnessed on January second at 0.6988. However, with the greenback’s rally losing some steam in the last couple of hours, the pair recovered above the critical 0.70 mark and was last seen trading at 0.7010, erasing 0.07% on the day. Since the start of the week, the pair has lost more than 150 pips pressured by the broad-based USD strength and the selling pressure surrounding the AUD following the disappointing inflation data releases from Australia, which revived expectations of the RBA going for a rate cut in May or June. Consequently, today’s rebound seems to be a technical response to the pair’s sharp drop. Previewing the RBA meeting, “the RBA generally doesn’t fuss too much with appearances once it changes its mind, so a cut at its next policy meeting as soon as 7 May is likely, even though it would come only weeks before the Federal election on 18 May,” Amplifying Global FX Capital analysts said. “One cut is unlikely to be viewed as significant enough to make a material difference on the inflation outlook, so a second cut is likely before the dust has had time to settle on the first, so within the next Month (4 June) or two (2 July).” Meanwhile, the US Dollar Index surged to a fresh 2019 peak at 98.32 on the back of the upbeat durable goods orders data from the U.S. but struggled to push higher amid overbought conditions. At the moment, the index is up 0.07% on the day at 98.12. In the early trading hours of the Asian session on Friday, import price index, export price index, and producer price index (PPI) from Australia will be looked uÄŸpon for fresh impetus. More importantly, the U.S. Bureau of Economic Analysis will publish the second estimate of the first quarter GDP growth. Technical levels to consider FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next World trade declined by 1.7% (month on month) in February – ING FX Street 4 years AUD/USD rebounds from lows as greenback loses traction. Durable goods orders data from the U.S. beat expectations. US Dollar Index retreats toward the 98 handle. The AUD/USD pair extended its slide today and touched its lowest level since the flash crash witnessed on January second at 0.6988. However, with the greenback's rally losing some steam in the last couple of hours, the pair recovered above the critical 0.70 mark and was last seen trading at 0.7010, erasing 0.07% on the day. Since the start of the week, the pair has lost more than 150 pips pressured by the broad-based… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.