AUD/USD outlook: Recovery attempts stall after solid US data
Monday’s recovery attempt after the pair fell by 1.1% on Friday, was limited and likely short-lived, as renewed risk appetite on easing fears about escalation of the conflict in the Middle East, was offset by better than expected US retail sales data, which contributed to hawkish stance about Fed interest rates.
Near-term focus remains at the downside, as bears eye targets at 0.6442 (2024 low, posted on Feb 13) and 0.6411 (Fibo 76.4% of 0.6270/0.6871 rally), violation of which would open way for full retracement of 0.6270/0.6871 move.
Bearish daily studies support the notion, though bears may face headwinds from oversold conditions.
Solid barriers at 0.6500 zone (weekly cloud base / broken Fibo 61.8%) should ideally cap upticks and provide better selling opportunities.
Res: 0.6480; 0.6500; 0.6540; 0.6570
Sup: 0.6442; 0.6411; 0.6340; 0.6270
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