AUD/USD is on back foot, but bulls are still in control above 0.9300

FXStreet (Moscow) - AUD/USD is under selling pressure on Tuesday morning; currently the pair is trading at 0.9337 off the Asian high of 0.9357

Above 0.9300 but still far from recent highs

AUD/USD broke above 0.9300 and rocketed to 0.9354 into the end of Tuesday on the back of a combination of USD dollar weakness and technical factor. Australian retail sales report failed to live up to expectations (+0.1% in March against expected +0.3%), Lower than forecasted AiG performance index and slowing HSBC Service PMI in China added dark colors to the macroeconomic picture. AUD/USD retreated from its yesterday’s highs but it is still well above 0.9300, which is technically positive for Aussie bulls. Later during the day keep an eye on USD sentiments following Fed’s Yellen comments in Congress. The Key levels to watch: 0.9300 on the downside, once it is broken, the bears will hurry to confirm the victory and push the pair to the next support of 0.9280. The upside will be limited by Tuesday’s high at 0.9366.

What are today’s key AUD/USD levels?

Today's central pivot point can be found at 0.9329, with support below at 0.9289, 0.9228 and 0.9188, with resistance above at 0.9390, 0.9430 and 0.9491. Hourly Moving Averages are bullish, with the 200SMA at 0.9279 and the daily 20EMA at 0.9286. Hourly RSI is bullish at 58.