AUD/USD Price & Performance (AUDUSD)

Australia's preliminary March PMI data shows robust growth, with the composite index reaching a seven-month high of 51.3. Manufacturing hit a 29-month peak at 52.6, while services improved to 51.2. This growth aligns with a third consecutive rise in private sector job creation, suggesting labor market concerns may be overblown.12

The Australian dollar continues to struggle as US tariff threats loom. With tariffs on Canadian and Mexican imports set for early April, and ongoing concerns about Chinese trade, the AUD/USD pair remains under pressure. Analysts predict further declines if support levels near 0.6250 are breached.34

The AUD/USD pair remains in a medium-term downtrend, with technical indicators pointing to further losses. The pair's recent rebound appears corrective, and a break below the 0.6215 support level could trigger a retest of February's low near 0.6087. Weak momentum and narrowing yield spreads contribute to the bearish outlook.56