AUD/USD under pressure as Australian business confidence plunges to -24

AUD/USD faces downside pressure following the release of the NAB Business Confidence survey for April, which printed at -24, reflecting deep pessimism across Australia's corporate sector. While the reading marked a modest improvement from the prior month's -29, it remains firmly in negative territory, signaling widespread economic concern. The accompanying business conditions index deteriorated further, falling 3 points to +3, its second-lowest level since 2020 and the fourth consecutive monthly decline. The survey detail painted a picture of broadening economic pressure, with weakening demand and deteriorating profitability weighing on corporate sentiment. These figures could influence the Reserve Bank of Australia's policy outlook, potentially strengthening the case for monetary easing in upcoming meetings. For traders, AUD/USD remains vulnerable to further downside as weak domestic fundamentals contrast with the pair's recent consolidation. Key support levels should be monitored closely, as a sustained break lower could accelerate selling pressure. Near-term direction will also depend on broader USD dynamics and upcoming Chinese economic data, given Australia's trade exposure to the region.