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AUD/USD consolidates below 0.9600

FXstreet.com (Barcelona) - The Aussie dollar continues its relentless march south on Wednesday, hovering over the mid 0.9500s after breaching the key support at 0.9600 overnight.

Data wise, New Home Sales in Australia rose 3.9% on a monthly basis in April while the Leading index sponsored by Westpac rose 0.2% during March. “Without thinking it necessary to sound the alarm as investment is not falling off a cliff, the question as to what will pick up the slack as the mining investment boom fades is increasingly live. Tomorrow’s CAPEX report will shed some (more detailed) light on this and could influence expectations for the RBA’s decision next Tuesday”, assessed Adrian Foster, Analyst at Rabobank.

The pair is now down 0.66% at 0.9553 and a violation of 0.9527 (low May 29) would expose 0.9404 (2009 peak) and then 0.9388 (low 2011). On the upside, the next resistance is at 0.9741 (high May 24) followed by 0.9778 (high May 23) and finally 0.9798 (MA10d).

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