AUDUSD Pares Early Gains On Weak Business Confidence

AUDUSD Daily Chart
AUDUSD Daily Chart

AUDUSD turns negative after a strong opening during the Asian session. Economic data from Australia disappointed investors. Australia’s Business Confidence came in at -66, well below the forecasts of -2 in March while the Business Conditions came in at -21, also below the expectations of 1. 

On the technical side, the first resistance stands at 0.6432, the daily high. The next offer zone will be met at 0.6495 the high from March 12. While the next critical level to watch is the 100-day moving average at 0.6613. 

On the contrary, initial support will be met at 0.6375, the daily low. The next support area stands at 0.6194, the low from April 9th trading session. 

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