FXStreet (Barranquilla) – After a brief rebound from 0.7670 to 0.7700, the AUD/USD resumed its downtrend from the 0.7755 priced in the Asian session to trade at lows since June 10 at 0.7660. AUD/USD is falling for the fourth day in the last five, mostly fueled by the weakness in commodity and iron ore prices.
Currently, AUD/USD is trading at 0.7662, down 1.15% on the day, having posted a daily high at 0.7759 and low at 0.7661. The FXStreet OB/OS Index is reflecting oversold hourly conditions, while the FXStreet Trend Index is slightly bearish.
As previously reported by FXStreet, “The fact that the MACD hasn’t been under zero for at least one week of trading, reinforces the argument that room for further AUD/USD depreciation is there.”
AUD/USD Forecast
As the AUDUSD Forecast Poll reported earlier this week, “despite recent good data in Australia, experts don’t see too much bullishness in the AUD/USD.”
According to Austin Galt from The Voodoo Analyst, the pair is “looking for one final marginal false break low around 75c before big bear rally.” In addition, Yohay Elam from ForexCrunch affirms that “the RBA would like a weaker Aussie and could get help from the US.”
AUD/USD levels
If the pair consolidates levels below 0.7670, it will find supports at 0.7660, 0.7650 and 0.7600. To the upside, resistances are at 0.7700, 0.7720 and 0.7750.
(Market News Provided by FXstreet)