After a critical strengthening for the reason that starting of the month, final week turned out to be unsuccessful for the Australian greenback and disappointing for consumers of the AUD/USD pair.

Final week pushed the AUD/USD pair to the extent 0.6670, which half leveled the achievement of this month, which has not but ended.

Specifically, this was facilitated by the reasonably hawkish statements of Fed Chairman Powell, made final week in Congress, the place he confirmed that it might be “advisable to lift charges once more this yr and probably two extra instances.”

Weak macro statistics, obtained from Australia final week, turned an extra damaging issue for the AUD.

Additionally, stress on the Australian greenback was exerted by the choice final week of the Folks’s Financial institution of China to chop the rate of interest by 10 foundation factors, to three.55%, which signifies the priority of the management of the Chinese language Central Financial institution in regards to the slowdown in financial progress (by the way in which, S&P World just lately revealed a report on the prospects for the Chinese language financial system , which refers back to the decline in China’s financial progress forecast for 2023).

Thus, the damaging basic elements prevailed over the optimistic ones, which was mirrored within the AUD/USD dynamics by a lower in quotations.

Throughout in the present day’s Asian session, AUD/USD was buying and selling in a variety round 0.6675, Friday’s closing worth, and stress seems to stay on the pair, setting the stage for additional declines in a long-term bear market.

In another situation, a breakout of the necessary resistance stage of 0.6705 could grow to be a sign for resuming lengthy positions. A breakdown of the important thing resistance stage 0.6755 and the resistance stage 0.6780 will open the way in which for additional progress to the important thing resistance ranges 0.6975, 0.7040, 0.7060 separating the long-term AUD/USD bearish pattern from the bullish one.

Help ranges: 0.6600, 0.6500, 0.6455, 0.6390, 0.6285, 0.6200, 0.6170

Resistance ranges: 0.6705, 0.6730, 0.6755, 0.6780, 0.6800, 0.6900, 0.6975, 0.7000, 0.7040, 0.7060, 0.7100