AUD/USD Forecast: Consolidating losses, bearish below 0.6840

Valeria Bednarik FXStreet

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

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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