AUD/USD Forecast: Bearish pressure mounts

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.6717

The RBA will release the Minutes of its February meeting this Tuesday.
Stable sentiment amid no fresh news on the coronavirus outbreak.
AUD/USD holding just above 0.6700 at risk of breaking lower.

The AUD/USD pair is ending Monday unchanged around 0.6715, after hitting a daily high of 0.6732 during Asian trading hours. The coronavirus outbreak continues, although there were no correlated headlines that could trigger demand for safety, which helped to keep the pair above 0.6700. Australia didn’t release relevant data this Monday, although, during the upcoming Asian session, the RBA will release the Minutes of its February meeting. Policymakers are expected to maintain their wait-and-see approach after Lowe mentioned the economy is in a “gentle turning point,” a couple of months ago.

AUD/USD short-term technical outlook

The AUD/USD pair offers a neutral-to-bearish stance in the short term, as, in the 4-hour chart it held below its moving averages. The 20 and 100 SMA head lower a handful of pips above the current level, providing immediate resistance at around 0.6730. The Momentum indicator heads south within negative levels after failing to surpass its mid-line, while the RSI consolidates around 48, skewing the risk to the downside.

Support levels: 0.6700 0.6660 0.6630

Resistance levels: 0.6730 0.6770 0.6805

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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