AUD/USD Forecast: Heading toward 0.6770 as risk aversion rules

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.6849

A virus outbreak in China spreading abroad and triggering risk-aversion.
Australian January Westpac Consumer Confidence Index, foreseen at -0.8% from -1.9% previously.
AUD/USD posting a third consecutive lower low, main support at 0.6770.

The Australian dollar remained under selling pressure, falling to a fresh January low of 0.6843 against the greenback. Without Australian or Chinese data to lead the way, the Aussie was pressured by the sour tone of equities around the world, amid fears triggered by a virus outbreak in China a that can be spread between humans. There were some market rumors indicating that the virus reached the US, weighing on Wall Street in the final hours of trading, keeping the pair near its daily lows. During the upcoming Asian session, Australia will publish the January Westpac Consumer Confidence Index, foreseen at -0.8% from -1.9% previously.

AUD/USD short-term technical outlook

The AUD/USD pair is finishing the day near the mentioned low, posting a lower high and a lower low for a third consecutive day, a sign that bears retain control. The pair is bearish according to the 4-hour chart, as it keeps developing below all of its moving averages, with the 20 SMA accelerating south below the larger ones. Technical indicators hold within negative level, although without clear directional strength, anyway keeping the risk skewed to the downside.

Support levels: 0.6840 0.6800 0.6770

Resistance levels: 0.6890 0.6920 0.6950

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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