The pair tests a descending channel bottom at 0.6950, with bearish EMAs and oversold RSI signaling potential downside pressure.
AUD/USD fell for a sixth straight session, trading at 0.6960 in Asian hours Tuesday. The pair remains below both the nine-day and 50-day EMAs, reinforcing a bearish near-term outlook. Technical indicators suggest rallies may be corrective, while the 14-day RSI near 32 hints at oversold conditions that could slow declines.
The pair tests the lower boundary of a descending channel around 0.6950. A break below this level could target the five-month low of 0.6833, reached on March 30. Resistance lies at the nine-day EMA of 0.7018, with further upside potential toward the 50-day EMA at 0.7086 and the channel’s upper boundary near 0.7130.
The Australian Dollar was the weakest among major currencies, reflecting broader bearish sentiment. Key levels to watch include 0.7277, the highest point since June 2022, reached on May 6.