AUD/USD Forecast: Bears maintain the pressure

AUD/USD Current Price: 0.7279

  • Australian August NAB’s Business Confidence, foreseen at -22 from -14 previously.
  • Chinese encouraging trade figures failed to underpin the Aussie.
  • AUD/USD retains its bearish stance after an uneventful day.

The AUD/USD pair traded lifeless around 0.7280 where it stands as a new day starts. The market ignored data coming from Australia, generally discouraging. The August AIG Performance of Services Index fell to 42.5 from 44 previously. ANZ Job Advertisements for the same month were up 1.6% following a 19.1% advance in July. China published its August trade figures, which posted a larger-than-expected surplus of $58.9B. Exports rose 9.5% although imports declined by 2.1%.

This Tuesday, Australia will publish August NAB’s Business Confidence, foreseen at -22 from -14 in the previous month. It will also release NAB’s Business Conditions for the same month, seen improving to 2 from 0.

AUD/USD short-term technical outlook

The  AUD/USD pair remains at risk of falling further, despite its latest consolidative range. The 4-hour chart shows that it is still developing below a bearish 20 SMA while holding above the larger ones. Technical indicators, in the meantime, keep holding within negative levels, with the RSI heading south at around 41.

Support levels: 0.7265 0.7220 0.7170

Resistance levels: 0.7305 0.7340 0.7380  

View Live Chart for the AUD/USD

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