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AUD/USD Forecast: Retains Its Bearish Stance In The Near-Term

AUD/USD Forecast: Retains Its Bearish Stance In The Near-Term

AUD/USD Current Price: 0.7664

  • Gold prices fell to fresh 2021 lows, weighing on the Australian dollar.
  • Australia will publish this Tuesday, February NAB’s business indexes.
  • AUD/USD retains its bearish stance in the near-term.

The AUD/USD pair fell for a fourth consecutive day, finishing it at around 0.7660. The pair remained inside Friday’ range, trapped between a stronger greenback and rallying equities in the US. The aussie was pressured by gold prices, as spot fell to $1,676.73, its lowest since June 2020. The Australian macroeconomic calendar remained empty at the beginning of the week, but the country will publish this Tuesday, February NAB’s Business Confidence, previously at 10, and NAB’s Business Conditions which was at 7 in January.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair retains its bearish tone in the near-term. The pair hit a daily high of 0.7712 at the weekly opening as optimism boosted risk appetite, but quickly changed course once government debt yields began to rise. In the 4-hour chart, the pair is developing below all of its moving averages, with the 20 SMA accelerating south below the longer ones. Technical indicators head modestly lower within negative levels, confirming sellers remain in control.

Support levels: 0.7650 0.7610 0.7575

Resistance levels: 0.7730 0.7770 0.7810

View Live Chart for the AUD/USD


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Posted-In: AUD/USD FXStreetNews Forex Global Markets

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