AUD/USD falls ahead of Australia’s year Budget for the new 4-month low

FXStreet — The AUD/USD failed last week, from the very important 200-day SMA, and there was a strong movement, so that today, with the early European trading, the new 4-month low was formed.

The Pair remains under selling pressure and the last downward movement was accompanied by the disappointing retail sales. Retail sales fell in March compared to the previous month unexpectedly to -0.1%, while the February result was revised from 0.1% to -0.2%.

On Monday, there were already disappointing Chinese import results and the Australian building approvals were also weak, which weighed on the Australian Dollar.

Add to this the continued bearish sentiment towards copper prices, which are the currencies of the raw material such as the Aussie pulls down. On the other hand, a rise in US Treasury bond yields in anticipation of a Fed rate hike in June, so that the Pair to the lowest level since the 10. January falls.

The focus of investors is now on the annual Budget of Australia, and the US JOLTS job offers.

Important Levels

Under 0,7330 the next supports lie at 0,7300 and 0,7220/15. On the other hand, Resistances can be found at 0,7365/70, 0,7400 and 0,7425/30.

** FXStreet News Editorial, FXStreet**

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