AUD/USD Forecast: Bearish momentum to accelerate once below 0.7000
Premium|You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
Your coupon code
FXS75
AUD/USD Current Price: 0.7030
- Precious metals consolidated near their weekly lows ahead of the close.
- AUD/USD has bounced just modestly from a critical level, risking further falls ahead.
The AUD/USD pair flirted with the 0.7000 level on Friday, ending the day not far above this last while suffering the largest weekly decline since mid-March. Australian data failed to impress, as the country published the preliminary estimate of the August Trade Balance, which posted a surplus 0f 4294M, below the previous 4607M. Imports were down 7% in the month, while exports fell 2%. By the end of the week, gold prices held steady, with spot trading at around $1,861.00 a troy ounce. The macroeconomic calendar has nothing to offer at the beginning of the week.
AUD/USD short-term technical outlook
The AUD/USD pair is at risk of falling further as in the daily chart, it is trading below a bearish 20 DMA and a few pips above the 100 DMA, which maintains a mildly bullish slope. Technical indicators, in the meantime, maintain their bearish slopes. In the shorter-term, and according to the 4-hour chart, the pair is bearish, as the 20 SMA heads firmly lower above the current level and below the larger ones, while technical indicators hold within negative levels, lacking bullish strength.
Support levels: 0.7000 0.6965 06930
Resistance levels: 0.7040 0.7085 0.7120
View Live Chart for the AUD/USD
AUD/USD Current Price: 0.7030
- Precious metals consolidated near their weekly lows ahead of the close.
- AUD/USD has bounced just modestly from a critical level, risking further falls ahead.
The AUD/USD pair flirted with the 0.7000 level on Friday, ending the day not far above this last while suffering the largest weekly decline since mid-March. Australian data failed to impress, as the country published the preliminary estimate of the August Trade Balance, which posted a surplus 0f 4294M, below the previous 4607M. Imports were down 7% in the month, while exports fell 2%. By the end of the week, gold prices held steady, with spot trading at around $1,861.00 a troy ounce. The macroeconomic calendar has nothing to offer at the beginning of the week.
AUD/USD short-term technical outlook
The AUD/USD pair is at risk of falling further as in the daily chart, it is trading below a bearish 20 DMA and a few pips above the 100 DMA, which maintains a mildly bullish slope. Technical indicators, in the meantime, maintain their bearish slopes. In the shorter-term, and according to the 4-hour chart, the pair is bearish, as the 20 SMA heads firmly lower above the current level and below the larger ones, while technical indicators hold within negative levels, lacking bullish strength.
Support levels: 0.7000 0.6965 06930
Resistance levels: 0.7040 0.7085 0.7120
View Live Chart for the AUD/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.