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AUD/USD Forecast: Neutral In The Near-Term, With Increased Bearish Potential

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AUD/USD Forecast: Neutral In The Near-Term, With Increased Bearish Potential

AUD/USD Current Price: 0.7633

  • Mounting risk aversion takes its toll on the Australian dollar.
  • AUD/USD is neutral in the near-term, with increased bearish potential.

The AUD/USD pair has managed to post a modest advance at the beginning of the week, heading into the Asian session trading unchanged daily basis at around 0.7630. The pair peaked mid-London session as the market mood seemed to be improving, but demand for the greenback returned ahead of Wall Street’s close, as equities remained under selling pressure while government bond yields advanced.

Meanwhile, the Australian macroeconomic calendar had nothing to offer and will remain empty until next Wednesday.

AUD/USD Short-Term Technical Outlook

From a technical point of view, the AUD/USD pair is neutral in the near-term. The 4-hour chart shows that it has spent the day consolidating just above a flat 20 SMA, while the longer ones stand well above the current level. The Momentum indicator is flat above its 100 level while the RSI gains bearish traction, currently at around 47. The risk of a bearish continuation could increase on a break below 0.7610, the immediate support level.

Support levels: 0.7610 0.7555 0.7510

Resistance levels:  0.7665 0.7710 0.7745

View Live Chart for the AUD/USD

 

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Posted-In: FXStreetNews Forex Global Markets

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