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AUD/USD Slides after Poor Housing Data

We have been seeing the bubble like growth in Australia's housing market finally contract this year. The latest building permits reading represents 3 months of decline in this data.

(audusd 1h chart, 6/1)

The AUD/USD ended last week with a strong push from 0.9210 to 0.9325. However, traders are keeping the pressure on after the poor building permits data, and AUD/USd fell below 0.93 to about 0.9270 in the immediate reaction. 

If price continues to fall below 0.9250, last week's bottom will not look so strong, and the prevailing bearish swing can come back into play, but the 0.92 level will still be key. It is more important as a level of support if the market is to have a bullish run this week. 

(audusd 4h chart)

There has not been a strong bearish trend, but since 0.9460 in early April, AUD/USD has been sliding. The 4H chart shows that it has completed a couple of downswings, but the 0.92 area remains a key support. 

This is a big week for AUD, as noted in the previous post on building permits. There are still retail sales, RBA monetary policy, and GDP data on Tuesday and Wednesday.