AUDUSD Chart Technical Outlook is under growing bearish momentum, heading towards 0.6445
The Australian Dollar is under increasing bearish traction after breaking below the 0.6490 support area, with sellers aiming for 0.6435. Below here, the next target would be the bottom of the bearish channel, now at 0.6360.
On the upside, the pair should regain the mentioned 0.6490 to ease negative pressure and set its focus at 0.6530.
This scenario is looking unlikely, with the US Dollar appreciating across the board. The hawkish comments by Fed Bostic, reiterating that there is no urgency to cut rates” are supporting the Greenback, ahead of Chair Powell’s testimony to Congress.
Beyond that, news from China, Australia’s main partner have not helped the Aussie. Services activity slowed down against expectations in February, while the National People’s Congress has failed to deliver the large stimulus measures the market is hoping for.
