The AUD/USD pair is trading in the red at 0.6687 at the time of writing. In the short term, it has tried to rebound but the downside pressure remains high. Bounce backs or sideways movements could bring new short opportunities.
Fundamentally, the USD received a helping hand from the US economic data. The CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index, HPI, S&P/CS Composite-20 HPI, Durable Goods Orders, and Core Durable Goods Orders came in better than expected.
Tomorrow, the Australian Consumer Price Index represents a high-impact event. Also, the Fed Chair Powell Speaks could shake the markets as well.
AUD/USD Trading In The Red!
Technically, AUD/USD rebounded after reaching the 0.6662 level. Still, the currency pair failed to reach and retest the weekly pivot point of 0.6740 and the 0.6752 static resistance indicating strong downside pressure.
The 0.6662 former low represents a downside obstacle. Temporary rebounds or sideways movements could bring new short opportunities.
AUD/USD Forecast!
A bearish closure below 0.6662 is seen as a selling opportunity with a potential target at the median line (ML).
