AUD/USD Price Forecast: Bears Reach the 0.6730 Confluence Level
AUD/USD is experiencing minor losses, hovering around 0.6775-0.6770 during the Asian session on Friday, as it retraces the corrective bounce from the previous day.
The recent weakness in the Australian Dollar could be attributed to the breach of the 50-bar Exponential Moving Average (EMA) and a two-week-long rising support line. This combination of technical factors is contributing to a downward bias in the pair. Additionally, the cautious sentiment prevailing in the market is further bolstering the bearish outlook. The Moving Average Convergence Divergence (MACD) indicator is signaling a bearish trend, while the Relative Strength Index (RSI) remains steady, reinforcing the negative sentiment.
Given these developments, AUD/USD bears seem poised to target the support zone around 0.6730, which aligns with the 200-EMA and the 38.2% Fibonacci retracement level of its upward move from May 31 to June 16.