AUD/USD Price Forecast: Stuck between key SMAs, RSI turns bearish

The AUD/USD edges lower during the North American session, poised to remain sideways within key technical support and resistance levels, with the 20-day Simple Moving Average (SMA) at 0.7187 and the 50-day SMA at 0.7095. At the time of writing, the pair is trading around 0.7137, down 0.17%.

AUD/USD Price Forecast: Technical outlook

From a technical perspective, the AUD/USD market structure suggests further downside if the pair falls below the April 29 swing low at 0.7101, reaching a 4-week low at 0.7079 on May 19.

The Relative Strength Index (RSI) turned bearish, signaling that sellers are gaining momentum, as it fell below its 50-neutral level.

For a bearish resumption, the AUD/USD must clear the May 21 low at 0.7099, so traders can test the 50-day SMA. On further weakness, the 100-day SMA at 0.7024 becomes the next support level, followed by 0.7000.

On the upside, a break above the 20-day SMA will expose the 0.7200 milestone. Above this area, the next resistance is the year-to-date (YTD) peak at 0.7264.

AUD/USD Price Chart – Daily