AUD/USD Bearish Outlook Below the 200-Day SMA and RBA Recommendations

Monday, 21 October 2024, 09:36

AUD/USD price forecast suggests a bearish outlook as currencies face pressure below the 200-day SMA. Recent insights from the RBA emphasize potential risks for the Australian dollar amidst ongoing market volatility. Traders might watch closely as the pair hovers around critical support levels.
Fxstreet
AUD/USD Bearish Outlook Below the 200-Day SMA and RBA Recommendations

AUD/USD Price Dynamics and RBA Recommendations

The AUD/USD price forecast exhibits a bearish trend, especially below the key 200-day SMA. The Australian dollar's position may weaken further as recent insights from the RBA indicate potential challenges ahead. Analysts are focusing on the currency pair's performance as it tests significant support levels.

Potential Losses and Support Levels

Extra losses might send the AUD/USD down to its October low of 0.6654, previously recorded on October 21, positioning it ahead of the September low of 0.6622.

Market Considerations for Traders

  • The RBA's insights may influence market sentiment.
  • Traders should observe significant levels closely.
  • Maintaining awareness of global economic changes is crucial.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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