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Forex: AUD/USD extends its decline from 1.0490

FXstreet.com (Barcelona) - The positive momentum in the Aussie dollar faltered in the boundaries of 1.0490, sparking then a correction lower to the current levels around 1.0465/70
After today’s Financial Stability Report by the RBA, Senior Economist at NAB S.Papadopoulos commented that the domestic banking sector remains in a strong position, with the housing sector following suit, “with savings still high and little appetite for debt”.

“So the currently low cash rate will not be lowered further to appease households, rather the target is businesses. If investment growth in non-mining sectors remains soft, or labour hiring slows (or job shedding increases) then that may lead to further rate cuts”, assessed the expert.

At the moment, the cross is down 0.15% at 1.0466
Next support levels align at 1.0408 (MA100d) ahead of 1.0405 (MA10d) and finally 1.0363 (low Mar.21).
On the flip side, a breakout of 1.0555 (high Jan.24) would open the door to 1.0560 (hourly high/low Jan.23) and then 1.0578 (high Jan.22).

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