AUD/USD Forecast: Consolidating losses, bearish below 0.6840
|AUD/USD Current Price: 0.6857
- Australian NAB’s Business indexes foreseen stable in October.
- AUD/USD at risk of resuming its decline and pierce the 0.6800 figure.
The AUD/USD pair spent the day lifeless around 0.6855, failing to attract investors. The absence of local data and uncertainty surrounding US-China trade developments kept investors side-lined. The Australian Dollar was trapped between falling precious metals’ prices and a nice come back in Wall Street, as US indexes reverted sharp intraday losses ahead of the close. This Tuesday, Australia will release the NAB’s Business Confidence Index for October, seen unchanged at 0, and the NAB’s Business Conditions for the same month, expected to remain at 2.
AUD/USD short-term technical outlook
The AUD/USD pair retains its bearish stance in the short-term, given that, in the 4-hour chart, the pair continues developing below its 20 and 100 SMA, with the shorter one maintaining its downward slope just above the larger one. Technical indicators in this time-frame have remained within negative levels, the Momentum seesawing but the RSI flat at around 40, reflecting the market’s absent interest.
Support levels: 0.6840 0.6800 0.6770
Resistance levels: 0.6895 0.6930 0.6965
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