AUD/USD has been under bearish pressure since the break below 0.7500. Currently, the pair is on the way to retest that level as resistance. Yesterday, Australia released a negative Retail Sales report which revealed contraction by 0.1% instead of the expected 0.3%. Annual Budget report was also posted which weakened the the aussei dollar. The negative report and a dovish nature of the budget made AUD lose some grounds yesterday. On the other hand, the US had a positive Import Prices report which showed a rise of 0.5%, stronger than the expected moderate growth of 0.2%. This did not quite help USD to gain some strength over AUD today. USD Crude Oil Inventories report is going to be published today which is expected to show a drawdown of -2.0M from -0.9M in the previous week. The pair is to trade with higher volatility after the Crude Oil Inventories report is published.
Now let us look at the technical chart. The price has shown some bullish intervention today after bearish pressure in this pair. The pair is likely to retest 0.7500 as resistance before showing some more bearish pressure in this pair to move down towards 0.7160 support level. Currently, the bias is bearish in this pair and it will continue until the price breaks above 0.7550 with a daily close.
