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AUD/USD extends downside below 0.9800

FXstreet.com (Barcelona) - The joy was ephemeral for the Aussie dollar, retracing all recent gains to trade back below the key support at 0.9800 on Wednesday after poor data from the Westpac index.

Consumer sentiment in Australia gauged by the Westpac index dipped further to -7.0 for the month of May, worse than April’s 5.1 pullback, denting the incipient recovery in the AUD. “For the RBA, this is a clear indication that consumer sentiment has taken a backward step and by extension that the tempo of consumer spending could well have slowed too through this quarter”, suggested David de Garis, Strategist at NAB.

AUD/USD is now down 0.305 at 0.9773 facing the next support at 0.9751 (low May 21) ahead of 0.9738 (low May 20) and finally 0.9711 (low May 17).
On the upside, a surpass of 0.9842 (high May 21) would bring 0.9913 (high May 16) and then 0.9916 (MA10d).

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