AUD/USD Outlook (29th January 2019)

• AUD/USD rejected key level
  
• AUD/USD heading towards support
  
• U.S. CB Consumer Confidence
  

Price Movement
Since yesterday, AUD/USD’s bullishness came to an end as the bears took over, resulting in a 50pips drop.

Trend
AUD/USD is moving across in a wide range.

Macro Background
The Conference Board (CB) Consumer Confidence, which measures the level of a composite index based on surveyed households, is expected to be lower than previous month.

If the data released is worse than expected, USD may weaken.

Important Issue
None.

Technical
After testing and rejected the 0.72 level yesterday, AUD/USD became bearish for more than 50pips.
Currently, it is heading towards the support level of 0.71339.

Price Levels
Current Price: 0.71476
Next Resistance: 0.72088
Next Support: 0.71339