Sasha Singh
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AUD/USD : Will It Recover From The Steep Decline?

Australian Dollar weakened against US Dollar during Asian Session after the Westpac Banking Corporation reported the Consumer Sentiment Data. We all know that Financial Confidence is a leading indicator of consumer spending which accounts for a majority of overall economic activity. As reported the Westpac Melbourne Institute Index of Consumer Sentiment declined by .7% in March from 100.2 in February to 99.5 in March. Later Housing Finance data also came out which shows that Housing Finance approvals held flat between December and January in line with the Westpac’s expectations but a touch below the market’s forecast of .5% increase.

On the 4 hour chart of AUDUSD, the pair found support at .8924 and moved up. The nearest resistance the pair might found is at .8995.