#AUDUSD @ 0.65030 is expected to continue its three-day losing streak after dropping below 0.6500. (Pivot Orderbook analysis)

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• AUD/USD is expected to continue its three-day losing streak after dropping below 0.6500.
• The USD index showed a marginal correction as the White House and Republican leaders met virtually on Thursday.
• Australian Retail Sales are seen expanding by 0.2%, lower than the prior expansion of 0.4%.

The pair currently trades last at 0.65030.

The previous day high was 0.6615 while the previous day low was 0.653. The daily 38.2% Fib levels comes at 0.6562, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6583, expected to provide resistance.

The AUD/USD pair has found an intermediate cushion near the round-level support of 0.6500 in the early Asian session. The Aussie asset has registered a three-day losing streak and is expected to continue the downside spell after dropping below the aforementioned support. A cautious market mood has trimmed the appeal for risk-perceived currencies sharply.

S&P500 delivered a decent recovery on Friday as the Federal Reserve (Fed) is expected to pause its rate-hiking regime in June’s monetary policy meeting. Gains in the 500-US stocks basket were supported by a solid recovery in technology and financial stocks.

The US Dollar Index (DXY) remained super solid on Thursday and refreshed a two-month high at 104.31 amid an absence of further development in US debt-ceiling issues. In the late New York session, the USD index showed a marginal correction after Reuters reported that the White House and Republican leaders met virtually on Thursday and are near cracking bipartisan, which inculcates large spending cuts and a raise of the government’s $31.4 trillion debt-ceiling.

Going forward, the United States Durable Goods Orders (April) data will be of utmost importance. The economic data is seen contracting by 1.0% against an expansion of 3.2% reported earlier.

On the Australian Dollar front, investors are keeping an eye on monthly Retail Sales data (April). As per the consensus, households’ demand is seen expanding by 0.2%, lower than the prior expansion of 0.4%. Declining retail demand would allow the Reserve Bank of Australia (RBA) to keep interest rates steady ahead.

Technical Levels: Supports and Resistances

AUDUSD currently trading at 0.6507 at the time of writing. Pair opened at 0.6544 and is trading with a change of -0.57 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.6671, 50 SMA 0.6684, 100 SMA @ 0.678 and 200 SMA @ 0.6708.

The previous day high was 0.6615 while the previous day low was 0.653. The daily 38.2% Fib levels comes at 0.6562, expected to provide resistance. Similarly, the daily 61.8% fib level is at 0.6583, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 0.6511, 0.6477, 0.6425
• Pivot resistance is noted at 0.6596, 0.6649, 0.6682

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