AUD/USD Price Analysis: Struggles between 21 and 200 SMAs as RBA Minutes, China Q1 GDP loom

• AUD/USD remains indecisive after falling in the last two consecutive days.
• 21-SMA, 200-SMA restrict immediate trading moves ahead of a broad channel formation.
• Bearish MACD signals, steady RSI suggests conditions of slower grind towards the south.

AUD/USD portrays pre-data anxiety as it seesaws around the 0.6700 round figure, between the 21-SMA and 200-SMA, ahead of the Monetary Policy Meeting Minutes from the Reserve Bank of Australia (RBA) and China’s first quarter (Q1) Gross Domestic Product (GDP) data. Even so, the Aussie pair remains on the bear’s radar during early Tuesday, after declining in the last two consecutive days.

Also read: AUD/USD Forecast: Points to consolidation around 0.6700 if the Dollar permits

Bearish MACD signals and a steady RSI (14) line hint at the continuation of the AUD/USD pair’s downward trajectory. However, the 21-SMA and 200-SMA, respectively near 0.6730 and 0.6685, restrict the Aussie pair’s immediate moves ahead of the key catalysts.

Should the AUD/USD pair crosses the aforementioned SMA region, a wider trading range comprising an upward-sloping resistance line from March, between 0.6800 and 0.6630, becomes the key for the pair traders to watch for clear directions.

In a case where the downbeat data and dovish RBA Minutes direct the Aussie pair past 0.6630, the odds of witnessing the AUD/USD pair’s fall towards the previous monthly low of around 0.6565 can’t be ruled out.

Overall, AUD/USD remains on the back foot despite the latest inaction. However, a clear break of 0.6630 becomes necessary to confirm the bearish trend.

AUD/USD: Four-hour chart

Trend: Further downside expected