AUD/USD Price Forecast: Bearish bias drives retreat below 0.6900

For AUD/USD, the nine-month low at 0.6833 may offer the first key support.
Momentum may be nearing exhaustion, with the 14-day Relative Strength Index at 35.
At 0.6970, the nine-day EMA marks the first hurdle.

Selling pressure persists in AUD/USD for a second straight day, leaving the pair near 0.6880 in Friday's Asian session. On the daily chart, technical indicators point to a continued bearish bias as the pair stays within a descending channel.

With spot trading below the nine-day and 50-day Exponential Moving Averages (EMAs), the near-term outlook for AUD/USD remains bearish. Both the short- and medium-term EMAs sit above the price, suggesting that recoveries are likely to attract selling. Meanwhile, the 14-day Relative Strength Index (RSI) is near 35, outside oversold territory, signalling continued downside pressure without capitulation. Adding to the headwinds is the latest FXS Fed Sentiment Index reading above 144, which reinforces the view that the market remains inclined to sell into rebounds.

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Initial support could come into focus at 0.6833, the nine-month low AUD/USD touched on March 30. Should that level give way, the pair could move towards the descending channel's lower boundary, around 0.6660.

A recovery in AUD/USD could bring the first resistance into play at 0.6970, the nine-day EMA. Beyond this, the 50-day EMA at 0.7018 presents the next hurdle, ahead of the descending channel's upper boundary near 0.7030. Clearing the channel would support a move towards the 0.7277 region, the highest level since April 2022.

Chart Analysis AUD/USD — AUD/USD: What Does the Daily Chart Indicate?

(An AI tool assisted in preparing the technical analysis in this article. Learn more.)

How Is the Australian Dollar Performing Today?

The Australian Dollar's weakest performance today was against the US Dollar. The table below sets out the Australian Dollar's (AUD) percentage changes against the major currencies listed.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.32%	0.25%	0.21%	0.27%	0.70%	0.60%	0.05%
EUR	-0.32%		-0.08%	-0.14%	-0.04%	0.38%	0.28%	-0.27%
GBP	-0.25%	0.08%		-0.04%	0.04%	0.46%	0.36%	-0.20%
JPY	-0.21%	0.14%	0.04%		0.09%	0.51%	0.41%	-0.15%
CAD	-0.27%	0.04%	-0.04%	-0.09%		0.42%	0.32%	-0.24%
AUD	-0.70%	-0.38%	-0.46%	-0.51%	-0.42%		-0.09%	-0.65%
NZD	-0.60%	-0.28%	-0.36%	-0.41%	-0.32%	0.09%		-0.54%
CHF	-0.05%	0.27%	0.20%	0.15%	0.24%	0.65%	0.54%

Percentage movements between the major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. For instance, choosing the Australian Dollar on the left and following its row across to the US Dollar gives the percentage change for AUD (base)/USD (quote) in the corresponding cell.