- Poor NAB business confidence data weighs on the Aussie, AUD/USD hit session lows at 0.7592.
- The National Australia Bank (NAB) Business Confidence & business conditions came in at 5 (prior 6) and 9 (prior 12) respectively.
- The pair quickly reversed a brief dip below 0.76 handle on improved risk sentiment but upside lacks momentum.
- A string of key economic releases are due later this week, along with the RBA cash rate decision due tomorrow which is likely to provide direction.
- On the daily charts, the pair finds strong support at 0.7570 (rising trendline). Breaks below will take the pair to test next support at 0.7548 and then 0.75.
- On the upside resistances are seen at 0.7632 (5-DMA), 0.7657 (April 28th highs) and 0.7668 (Apr 29th highs).
Recommendation: Breaks below 0.7570 will provide opportunities to go short.
The material has been provided by InstaForex Company – www.instaforex.com