AUD/USD Bearish intraday outlook

During the Asian session the AUD/USD pair was trading around Friday’s high at 0.8030, but later in the day failed to motivate the market participants and dropped below the 0.8000 mark to currently trade at 0.7991, down with 0.15%. RBA and FOMC come in sight this week, so we may expect some interesting moves in the pair. But in short term the outlook remain bearish, according to the indicators on the four hour time frame. The price has crossed to below its bearish 20-day SMA, while the 200-day is staying flat around 0.7940 and as the time of writing is nearing the bullish 100-day SMA around 0.7990. Stochastic has retreated from the extreme overbought territory and is displaying strong bearish momentum. RSI is also aiming south and is slightly below its mid line. First support is seen at 0.7970 (last week’s low) and in case of breaking it, the pair is poised to decline further towards 0.7945.