AUD/USD declines for four consecutive days on economic data

The AUD/USD pair is currently trading at its year-low due to positive economic developments and hot Core PCE inflation from the US.

However, the Australian Retail Sales from April data indicated no variation in sales levels compared to the previous period. This lackluster performance reflects the challenges faced by consumers due to the impact of rising interest rates and persistent inflation.

The strength of the US Dollar has further contributed to the decline in the AUD/USD currency pair. In the event of a decline in the Aussie, immediate support levels are identified at the psychological level of 0.6500, followed by the zone around 0.6545 and the 0.6400 level.

Conversely, if the AUD/USD manages to climb higher, the next resistance levels to monitor are at the 0.6540 zone, followed by the psychological level of 0.6600 and the 20-day Simple Moving Average at 0.6650.