- AUD/USD might stretch losses underneath 0.6850 and 0.6800.
- The key bearish trend line is set in with resistance close to 0.6950 on the four hours chart.
- EUR/USD and GBP/USD are driving lower beneath major supports
- The United States GDP decreased 1.6% in the first quarter of 2022.
AUD/USD Technical Analysis
AUD began a key drop from well above 0.7200 zone against the USD. AUD/USD transacted below the 0.7050 support zone to move into a bearish zone.
From the four hours chart, the pair resolved beneath the 0.7000 level, the 100 SMA (red, four hours) and the 200 SMA (green, four hours).
The pair further smashed the 0.6920 support and traded as low as 0.6850. Not long ago, there was a small upward rebound above the 0.6920 zone. Nevertheless, the rebound faded when it approached the 0.6950 pivot level.
The pair is currently trading beneath 0.6920, Yet there is a key bearish trend line setting in with resistance close to 0.6950 on the same chart. The upcoming resistance is close to 0.7000 level and the 200 SMA (green, four hours).
On the contrary, the 0.6850 zone is firm support. A downside break underneath the 0.6850 support might drive the pair lower. The preceding support is close to the 0.6800 zone.
Basically, the United States GDP for the first quarter of 2022 was released yesterday by the United States Bureau of Economic Analysis. The market is hoping for a 1.55 drop in GDP.
The outcome was discouraging, as the United States GDP declined at an annual rate of 1.6% in the first quarter of 2022.
From EUR/USD, the pair is driving lower from the 1.0600 resistance, correspondingly, GBP/USD is exhibiting bearish traits below the 1.2300 zone.
- UK GDP for Q1 2022 (QoQ) – Forecast +0.8%, versus +0.8% previous.
- US Initial Jobless Claims – Forecast 228K, versus 229K previous.
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