AUDUSD on Monday dropped -0.31% to 0.66710. Pair in consolidation. Why it matters.

AUDUSD Analysis

Performance after Monday
Period	Pct	Chg	Momentum
Monday	-0.31%	-21 Pips
Week to-date	-0.31%	-21 Pips
May	3.03%	195.9 Pips

Upcoming key events (London Time)

Tue 02:30 AM AUD RBA Meeting Minutes
Wed 07:00 PM USD FOMC Meeting Minutes

What happened lately

No major activities.

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What can we expect from AUDUSD today?

AUDUSD on Monday dropped -0.31% to 0.66710. Price is above 9-Day EMA while Stochastic is falling in overbought zone.

Updated daily direction for AUDUSD looks mixed as the pair is likely to consolidate above 0.66519 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 0.67093 or trades above daily pivot 0.66806. Break above could target R1 at 0.66997. While to the downside, we are looking at 0.66519 (S1) and daily low of 0.66615 as support levels. AUDUSD need to break on either side to indicate a short-term bias. A close below 0.66615 would indicate selling pressure.

For the week to-date, take note that AUDUSD is mixed as compared to the prior week.

Key levels to watch out: