AUDUSD: Lower lows

The Australian dollar remained volatile around 0.66279 against the US dollar. The market is nervously waiting for Australia's first-quarter consumer price index (CPI) to be released on Wednesday. If the data is higher than expected, it will greatly increase the risk that the Australian central bank will resume raising interest rates in May. The median forecast is for headline inflation to slow to 6.9 percent from 7.8 percent in the previous quarter, but core inflation is expected to hold at 6.7 percent.

Australian dollar AUDUSD - 4-hour K-line chart shows:

Looking at the 4-hour chart: the short-term momentum has fallen rapidly at a low level, and the short-term decline has not stopped. The market is shrouded in bearish sentiment, and there is a trend of continuing to move downward in the short term.

Resistance levels: 0.66473 0.66585

Support levels: 0.66146 0.66050

Trading strategy: bearish below 0.66349, target 0.66146 0.66050

Alternative strategy: Bullish above 0.66349, target 0.66473 0.66585