AUD/USD: outlook for April 24-28

AUD/USD: outlook for April 24-28

Aussie slumped to 0.7490 following the sharp fall in iron ore prices and dovish RBA meeting minutes. Towards the end of the week, AUD/USD recouped some of its losses mainly due to recovering industrial metal prices.  The meeting minutes showed that the Reserve Bank of Australia's officials are concerned with the lack of improvement in labor market conditions and growth in housing credit to investors. RBA decided not to change its current loose monetary policy settings in the upcoming months.

Next week on Tuesday, Australian banks will be on a holiday. So, traders will be focused on US CB consumer confidence report and new home sales data. On Wednesday, Aussie watchers will be waiting for Australia’s quarterly CPI. In the end of the week, the US core durable goods orders, unemployment claims, final GDP, Chicago PMI and bunch of other economic releases will be the key drivers of the pair.

At the present moment, AUD/USD is hovering near 0.7520 (100-day MA). There is a downside risk for a break under the last-week low at 0.7470. If it is tested successfully, we see quotes sliding towards 0.7430. A move above 0.7565/70 would indicate that the downside pressure has eased and that Aussie might extend its rally towards 0.7550 (200-day MA), of higher towards 0.7610 (the past week high). 

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