0.6900 gives way: AUD/USD price forecast as bearish bias persists

0.6833, the nine-month low, may provide primary support for AUD/USD.
At 35, the 14-day Relative Strength Index points to possible momentum exhaustion.
At 0.6970, the nine-day EMA marks the first resistance level.

AUD/USD trades near 0.6880 in Friday’s Asian session. The pair is declining for a second straight day. On the daily chart, it remains inside a descending channel, with technical analysis pointing to a prevailing bearish bias.

Trading below both the nine-day and 50-day Exponential Moving Averages (EMAs), AUD/USD retains a bearish near-term outlook. With the short- and medium-term EMAs positioned above spot, rebounds are likely to encounter selling. Meanwhile, the 14-day Relative Strength Index (RSI), near 35, remains outside oversold territory. This suggests continued downside pressure without capitulation. Adding to the headwinds, the latest FXS Fed Sentiment Index reading exceeds 144, reinforcing the view that the market remains inclined to sell into rebounds.

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The nine-month low of 0.6833, set on 30 March, may be the first support tested if AUD/USD extends its decline. Below that level, a break would clear the way towards the descending channel’s lower boundary, around 0.6660.

A recovery in AUD/USD may bring a test of primary resistance at 0.6970, the nine-day EMA. Beyond that, the 50-day EMA at 0.7018 presents another obstacle, ahead of the descending channel’s upper boundary near 0.7030. Breaking above the channel would support a move towards the 0.7277 region, the highest level since April 2022.

Chart Analysis AUD/USD — AUD/USD: Daily Technical Chart

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Australian Dollar: Today’s Currency Performance

Against the US Dollar, the Australian Dollar (AUD) recorded its weakest performance today. The table below details its percentage movements 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 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 intersecting cell.