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Forex

AUD/USD Rises but Bearish Bias Remains Amid Oversold Conditions

Guavy AI Editorial Team
Instruments
AUD
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The AUD/USD exchange rate has been steadily increasing in recent hours, reaching near 0.6940 during the early European trading session on Friday.

Despite this temporary rebound, analysts maintain a bearish bias for the pair due to oversold conditions.

In the daily chart, the AUD/USD remains below its 100-day moving average and Bollinger middle band, indicating a near-term bearish tone.

The immediate support level is located at the lower Bollinger band around 0.6905, while initial resistance appears at the 100-day MA at 0.7060.

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