AUD/USD advances some 0.47% on Thursday as the US Dollar (USD) weakens, despite traders delaying Federal Reserve (Fed) rate cuts, while US Crude Oil prices are edging lower by 4.21%, a headwind for the buck. The pair hovers around 0.7050 at the time of writing.
AUD/USD Price Forecast: Technical outlook
The technical picture shows some consolidation, though AUD/USD is slightly tilted to the upside, as market structure reveals a steady, successive series of higher highs and higher lows. The structure would be negated if the pair tumbles below the March 3 daily low of 0.6944, which could open the door for further downside.
Momentum, as depicted by the Relative Strength Index (RSI), remains bullish, but downside risks remain.
If AUD/USD clears 0.7100, the next area of interest would become the March 18 high at 0.7123, followed by the yearly high at 0.7187. Up next lies 0.7200.
Conversely, if the pair drops below the 50-day Simple Moving Average (SMA) at 0.6981, expect a test of 0.6944 ahead of 0.6900.
AUD/USD Price Chart – Daily
AUD/USD Daily Chart
Comments
Log in or sign up to join the conversation.