AUD/USD Price Forecast: Aussie bears aim for a key support area around 0.7110
The Australian Dollar (AUD) resumed its downtrend against the US Dollar (USD) on Monday, weighed by the risk-off market mood, as Oil prices consolidate above $100, and rising bets that the Federal Reserve (Fed) will hike interest rates on Wednesday.
The Australian Dollar (AUD) is currently on a downtrend against the US Dollar (USD), trading near the support level of 0.7110. This decline is fueled by a risk-averse market, as oil prices stabilize above $100 and expectations of Federal Reserve interest rate hikes grow. The AUD/USD has fallen from last week's highs near 0.7240 to session lows just above 0.7110, which is under pressure.
The pair stands at 0.7128 with a constructive near-term bias, but bears are targeting this key support area. Technical indicators show bearish momentum, with the 4-hour Relative Strength Index (14) slightly oversold and the Moving Average Convergence Divergence (MACD) in negative territory. Bulls will need to hold onto Friday's high of 0.7187 and the 0.7240 area to challenge the potential decline towards the August 19 low at 0.7065 and the August 11 low near 0.7040.
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