AUDUSD dips. Data today a little weaker vs prior month.

Perfomance of Service and PMI a little light vs prior month

The AiG performances of services index for April came in at 55.2 vs 56.9 and the CBA PMI services and Composite indexes were also lower than the prior month (55.2 vs 55.6 and 55.3 vs 55.4 respectively).  It was not a disaster.  All are still above the 50 level, but given the trends, less did not give the AUD a boost.  

Technically, looking at the weekly chart above, the price this week moved below the December 2017 low at 0.7501. That is step one.  The next step is to get below the 50% of the move up from the January 2016 low to the 2018 high. That comes in at 0.74808.  

The current price is trading at 0.7487.  The price earlier this week did dip below the 0.74808 level (on Tuesday and again yesterday) but each dip below failed (see the hourly chart below). 

If the price is able to move below that 50% retracement, it should be more bearish, and should open the door to take out the lows from earlier this week (at 0.74722) and then move even lower. However, we need to crack the level. 

Honestly, the price action is not really racing, but the bears are staying in control in this pair However, it does need a kick lower, and if it does not materialize, a move back above the December 2017 low, may be all it needs for a correction higher to start.  

Quiet, but the pair is at a key crossroad.