AUD/USD Forecast: Looking at 0.6600 and below AUDUSD Currencies Majors Technical Analysis
the slide found support above 0.6600. The combination of a stronger US dollar and deteriorating risk sentiment weighed on the Australian dollar, which was unable to capitalize on a rebound in commodity prices during the American session.in May, dropping from 53.7 to 51.8, beating market expectations of 48.9. However, the Manufacturing PMI remained unchanged at 48, and the Composite PMI fell from 53 to 51.2. The Aussie rose modestly following the release of the data.
A key event during the Asian session that could impact the Aussie is the Reserve Bank of New Zealand meeting. The central bank is expected to raise its key interest rate by 25 basis points to 5.5%, although some analysts warn that a larger hike is possible.On Tuesday, the US dollar rose across the board, amid risk aversion and mixed US economic data. The US S&P Global Manufacturing PMI in May dropped from 50.2 to 48.5, below the expected 50.
On the 4-hour chart, the bearish pressure continues to build up in AUD/USD, indicating a test of 0.6600. However, a recovery above 0.6640 could ease the negative tone. To change the short-term bearish outlook, the
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