AUD/USD Forecast: Approaching The Monthly Low At 0.7621, Bearish In The Near-Term

AUD/USD Current Price: 0.7641

• The American dollar found additional support in Fed Kaplan’s comments.
• Australian Commonwealth Bank PMIs are foreseen stable in expansion levels.
• AUD/USD is approaching the monthly low at 0.7621, bearish in the near-term.

The AUD/USD pair fell to 0.7638, its lowest in over two weeks amid prevalent demand for the greenback in a risk-averse scenario. The poor performance of equities weighed on the pair, although demand for the American was steady throughout the last trading session of the day. Comments from Dallas Dallas Federal Reserve President Robert Kaplan helped the dollar, as he said that he is among the policymakers expecting the central bank could start raising rates as soon as next year.

Australia will publish this Wednesday the preliminary estimates of the March Commonwealth Bank PMIs. The Manufacturing index is foreseen at 56.9, matching the February reading, while the Services PMI is expected at 53.8, slightly better than the previous 53.4.

AUD/USD Short-Term Technical Outlook

The AUD/USD is at risk of falling further in the near-term. The 4-hour chart shows that the pair is developing well below all of its moving averages, while the 20 SMA accelerates south below the larger ones. The Momentum indicator has lost its bearish strength, consolidating within negative levels, but the RSI maintains its downward slope at around 29. The next relevant support level is 0.7621, the monthly low.

Support levels: 0.7620 0.7785 0.7550

Resistance levels: 0.7690 0.7730 0.7770

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