The AUD/USD pair retreats from the intraday high of 0.6650 in Thursday’s New York session.
AUD/USD gives up majority of intraday gains as the US Dollar revives after upbeat US early PMI report for May. The pace at which the US PMI expanded was the fastest pace in more than two years. AUD/USD turns volatile after a Rising Channel breakdown. The Aussie asset comes under pressure as the US Dollar witnesses a strong buying interest after the S&P Global published an upbeat preliminary United States PMI report for May.
A breakdown of the above-mentioned pattern suggests an establishment of a bearish reversal. The near-term outlook of the Aussie asset would worsen as the 20- and 50-period Exponential Moving Averages are on the verge of delivering a bearish crossover. The 14-period Relative Strength Index has shifted into the 20.00-60.00 range from the 40.00-80.00 zone, suggesting a bearish reversal. More downside will appear if he major breaks below May 22 low at 0.6608, which will expose it to May 14 low at 0.
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