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30 May 2018

AUD/USD slumps into 0.75 as global markets recede on risk aversion

  • Aussie gives up trying to lift higher, touches back into the 0.7500 level.
  • Thin readings today on the economic calendar leaves the pair exposed to further downside on market sentiment.

The AUD/USD is trading in the red heading into the overnight session, testing around the 0.7500 handle.

Risk appetite headed south on Tuesday, with equities and energies heading lower, dragging currencies like the commodity-correlated Aussie down as well.

Wednesday brings Australian Building Permits for the month of April at 01:30 GMT, with the headline month-on-month figure expected to contract by -3%, compared to the previous reading of 2.6%.

With risk aversion sweeping back into markets, riskier assets like the Aussie are beginning to give up on their already-sluggish corrections against the Greenback, and even Gold is struggling to gain ground as broader markets recoil from current pricings.

AUD/USD levels to watch

As noted by FXStreet's Valeria Bednarik, the Aussie's technical outlook is beginning to gather speed towards the bearish side: "the 4 hours chat shows that the pair broke below all of its moving averages and is now struggling around the key Fibonacci support at 0.7505 that once cleared will likely open doors for a retest of this month low at 0.7411. Technical indicators in the mentioned chart remain within negative levels, with the RSI heading firmly south at 33, supporting the ongoing bearish movement and anticipating additional slides ahead."

Support levels: 0.7470 0.7435 0.7410

Resistance levels: 0.7540 0.7580 0.7620  

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