AUD/USD finds resistance at the psychological level of 0.6500 amid ongoing bearish bias.
The pair may test support around the psychological level of 0.6400, followed by the descending channel’s lower boundary.
Further resistance appears around the nine-day EMA at 0.6518.
AUD/USD halts two days of gains, trading around 0.6500 during the European hours on Tuesday. Technical analysis of the daily chart shows the pair moving downwards within a descending channel pattern, reinforcing an ongoing bearish bias.
The 14-day Relative Strength Index (RSI) is positioned below the 50 level, confirming the prevailing bearish sentiment. Additionally, the nine-day EMA remains below the 14-day EMA, which suggests a bearish price momentum for a short-term period.
In terms of support, the AUD/USD pair may approach the psychological level of 0.6400, followed by the lower boundary of the descending channel at 0.6390 level. A decisive break below the descending channel could amplify selling pressure, potentially driving the pair toward its yearly low of 0.6348, last recorded on August 5.
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