AUD/USD: Long-term view indicates limited bearish scope

AUD/USD kick-started the week with a positive tone, rising to 0.7837, but fell to its lowest in three weeks, below the 0.7700 threshold. The pair could extend its decline but aussie bulls won’t give up easily, Valeria Bednarik, Chief Analyst at FXStreet, reports.

Key quotes

“Australia will publish February NAB’s Business Confidence next Tuesday and the NAB’s Business Conditions Index. March Consumer Inflation Expectations will be out on Thursday and is foreseen at 3.5% from 3.7%. The US will publish and update on inflation, as the usual weekly unemployment figures. On Friday, the country will release the preliminary estimate of the March Michigan Consumer Sentiment Index.”

“The pair could enter a selling spiral once below 0.7630, heading towards 0.7550. The critical resistance level is 0.7840, as only above it bulls will recover their lead.”