The Dollar pared losses against the EUR on Monday after the New York Federal Reserve Bank's manufacturing index fell to a record low in March, adding to worries about the U.S. economy.
Moreover, economic data published yesterday imply that the U.S. recession is likely to deepen further. The Empire State Manufacturing Index had its worst showing since 2001! This are signals that economic difficulties are starting to spread from the financial sector into the mainstream economy. Investors will have to adapt themselves to the upcoming economic hardships as these changes will not rectify themselves within a short period of time.
AUDUSD appears that the bullish trend may have run out of strength as the current price level pushed the pair into the overbought territory on the daily chart's Stochastic and Williams, indicating that a downward reversal may occur later. Remain short on AUDUSD would be the right choice today.
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