In today’s Asian trading session, the Australian Dollar experienced a decline against the US Dollar, with the exchange rate dropping below the 0.6600 threshold. This movement is primarily attributed to disappointing retail sales figures from Australia, which came in at -0.4%, underperforming against expectations of -0.2%. This weaker than expected data suggests a potential slowdown in consumer spending, casting shadows over the economic outlook for Australia.
As market participants digest these figures, attention is now shifting towards the United States, where Consumer Confidence data is awaited. This key economic indicator, set to be released later today, is pivotal as it provides insights into economic sentiment and consumer spending tendencies in the U.S. A robust Consumer Confidence reading could strengthen the US Dollar by reinforcing expectations of sustained economic strength in the U.S., thereby exerting further pressure on the AUD/USD exchange rate.
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Technical analysis
Time Frame: 1 hour
AUDUSD Support & Resistance Table – 30/04/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 0.6555 | Daily R2 |
| Resistance 1 | 0.6541 | Daily R1 |
| Support 1 | 0.6503 | Daily S1 |
| Support 2 | 0.6489 | Daily S2 |
AUDUSD Indicator Table – 30/04/2024
| Indicator | Signal |
| SMA 20 | Sell |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
AUDUSD Indicator / Period Table – 30/04/2024
| Indicator / Period | Day – Sell | Week – Sell | Month – Sell |
| MACD( 12;26;9) | Buy | Sell | Sell |
| RSI (14) | Sell | Neutral | Sell |
| SMA 20 | Sell | Sell | Sell |
AUDUSD 30/04/2024 – Reference Price : 0.6524
| SELL | Simple Moving AverageBuy (2)Sell (1)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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