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AUD/USD still around 0.98 despite worsening consumer confidence in Australia

FXstreet.com (Barcelona) - Westpac Consumer confidence in Australia came in at the worst rate over a year this May, dropping -7% on monthly basis, but that has not been enough to take the Aussie lower than the 0.9780 level, as the session lows so far in the Asia-Pacific. Minutes away from key risk event of the day in the region in the form of BoJ meeting, the AUD/USD is last trading at 0.9796.

“I want to be short,” says 2ndSkiesForex founder Chris Capre, “but considering the BOJ policy meeting, and much anticipated Bernanke speak tomorrow, I’d rather wait till after the events, instead of being short and exposed to event risk.”

The analyst will “look for low key reactions off .9840, or a bit higher between .9912 and .9954 to get short and rejoin the trend,” Chris says, adding: “Even if the pullback manages to get past this, I suspect it will eventually be sold to re-attack the .9710 yearly lows, and likely a move lower towards .9600.”

Immediate support to the downside for AUD/USD lies at recent session lows 0.9780, followed by yesterday's double low at 0.9750, while closest resistance to the upside shows at session and Monday's highs 0.9828, followed by yesterday's weekly highs at double 0.9842.

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