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AUD/USD Price Forecast: Tests descending channel bottom around 0.6950

  • AUD/USD tests immediate support at the lower boundary of the descending channel around 0.6950.
  • The 14-day Relative Strength Index near 32 signals emerging oversold conditions.
  • The pair may find the initial barrier at the nine-day EMA of 0.7018.

AUD/USD continues its losing streak for the sixth consecutive day, trading around 0.6960 during the Asian hours on Tuesday. The technical analysis of the daily chart shows the pair remaining within the descending channel pattern, suggesting a prevailing bearish bias.

However, the AUD/USD pair is keeping a bearish near-term bias as spot holds below both the nine-day and 50-day Exponential Moving Averages (EMAs). The configuration of short- and medium-term EMAs above spot suggests rallies remain corrective, while the 14-day Relative Strength Index (RSI) near 32 hints at emerging oversold conditions that could slow, but not yet reverse, the downside.

The AUD/USD pair tests the lower boundary of the descending channel around 0.6950. A sustained break below the channel would put downward pressure on the pair to navigate the region around the five-month low of the 0.6833 region, recorded on March 30.

On the upside, the immediate barrier lies at the nine-day EMA of 0.7018. Further advance would support the AUD/USD pair to test the 50-day EMA of 0.7086, followed by the upper boundary of the descending channel around 0.7130. Further advances would expose the 0.7277, the highest level seen since June 2022, recorded on May 6.

Chart Analysis AUD/USD

(The technical analysis of this story was written with the help of an AI tool.)

Australian Dollar Price Today

The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the US Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD0.03%0.12%0.08%0.18%0.71%0.46%0.03%
EUR-0.03%0.08%0.02%0.11%0.65%0.42%-0.01%
GBP-0.12%-0.08%-0.02%0.05%0.61%0.34%-0.08%
JPY-0.08%-0.02%0.02%0.09%0.62%0.38%-0.07%
CAD-0.18%-0.11%-0.05%-0.09%0.54%0.30%-0.15%
AUD-0.71%-0.65%-0.61%-0.62%-0.54%-0.22%-0.66%
NZD-0.46%-0.42%-0.34%-0.38%-0.30%0.22%-0.45%
CHF-0.03%0.00%0.08%0.07%0.15%0.66%0.45%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote).

Author

Akhtar Faruqui

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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