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The pair remains under pressure amid renewed expectations of interest rate hikes in the United States, while Australia's central bank is expected to maintain its pause. Weak conditions in the Australian labor market are discouraging the Reserve Bank of Australia (RBA) from resuming rate hikes, which is weighing on the Australian dollar.
From a technical perspective, the pair is trading at the resistance level of 0.6935.
Technical Outlook and Trading Idea:
The price is at the lower Bollinger Band, below the SMA 5 and SMA 14. Their crossover signals a potential sales opportunity. The RSI is declining, while the Stochastic Oscillator is in oversold territory.
The pair could initially decline to 0.6912 and then to 0.6882. The 0.6932 level could serve as an entry point for a short position. Stop Loss: 0.6974.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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