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AUD/USD's recovery from monthly lows finds resistance around 0.6550
By TradeRadius | Mon, 29 May 2023 15:46:18 UTC
On Monday, the AUD/USD made a modest gain, moving away from the six-month low it reached last Friday below 0.6500. In a quiet session, with American markets closed, the pair peaked at 0.6553, the highest level since Wednesday, before pulling back to 0.6530.
The US Dollar is posting mixed results across the board, amid low trading volume. Market participants continue to digest last week's US consumer inflation data and closely follow developments around the debt ceiling drama.
On Tuesday, Australia is expected to report a 2% increase in Building Permits for April. Next week, the Reserve Bank of Australia will hold its monetary policy meeting.
AUD/USD outlook
The pair's trend continues to be to the downside, but in the short-term, the rebound pushed the price above the 20-period Simple Moving Average (SMA) in the 4-hour charts, currently at 0.6525. While above this level, the Australian Dollar could continue to consolidate, while a slide below, would expose 0.6500 and the recent lows.
If the AUD/USD manages to consolidate above 0.6555, it could strengthen for an extension of the recovery. The next resistance stands at 0.6580, followed by 0.6600.
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