AUD/USD extends losses to test 0.6480 support after upbeat US data
- The Aussie extends losses against a stronger USD as US data beats expectations.
- The US manufacturing sector expands with the prices sub index at recent highs.
- AUD/USD is testing support at 0.6480 with the key area at 0.6440 on focus.
The Australian Dollar resumed its bearish trend on Monday, weighed by US Dollar’s strength following better-than-expected US manufacturing data.
The US ISM Manufacturing PMI improved to 50.03 in March, returning to expansion levels after more than one year, and beating market expectations of a milder improvement to 48.2. beyond that, the Prices Paid subindex has accelerated at its fastest pace in almost two years, posing upside pressures to inflation.
AUD/USD Technical analysis
The Australian Dollar is under growing bearish pressure after having breached the bottom of a triangle pattern, at 0.6530. This level capped recovery attempts on Thursday and Friday, and bears have taken control on Monday.
The pair is now testing support at 0.6480, which closes the path to the big target, at 0.6440. To the upside, the mentioned reverse trendline, at 0.6530 is the immediate resistance before 0.6555.
AUD/USD 4-Hour Chart
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