The AUD/USD pair comes under some renewed selling pressure on Friday and extends its steady intraday descent through the early part of the European session.
AUD/USD meets with a fresh supply on Friday and drops back closer to the weekly low. Weaker Chinese trade data undermine the Aussie amid strong follow-through USD buying. The technical setup favours bearish traders and supports prospects for additional losses. Spot prices touch a fresh daily low following the release of weaker Chinese trade data, albeit manage to hold above the 0.6500 psychological mark and rebound a few pips in the last hour.
Some follow-through selling below the 0.6480 area, or the monthly low, will reaffirm the negative bias and allow the AUD/USD pair to aim back to challenge the YTD trough, around the 0.6445-0.6440 region touched in February. The downward trajectory could extend further towards the 0.6400 mark en route to the next relevant support near the 0.6355-0.6350 zone. On the flip side, any attempted recovery is likely to confront stiff resistance near the 0.6545-0.
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