AUD/USD analysis: building up, but 0.7962 caps
|AUD/USD Current price: 0.7937
The AUD/USD pair closed the day modestly higher at 0.7937, having topped at 0.7950 early US session, the peak of dollar's selling, to later stabilize around the current level. The sour tone in equities limited Aussie's advance, but the overall risk is towards the upside short term. The Australian macroeconomic calendar will remain empty this week, which may end up benefiting the local currency, particularly if the dollar maintains its soft tone. After easing steadily for over two weeks, the pair seems to have managed to attract bulls once again, breaking above a daily descendant trend line last week, and even completing a pullback to it before resuming its advance, although it has been having a hard time to rally beyond the current region. The technical picture, according to the 4 hours chart, is modestly bullish, as the price is above a bullish 20 SMA, whilst the Momentum indicator turned flat right above its 100 level, while the RSI indicator also heads nowhere, but around 59. This month high stands at 0.7962, being the level to surpass to confirm an upward extension towards 0.8000 and beyond during the upcoming sessions.
Support levels: .0.7900 0.7870 0.7830
Resistance levels: 0.7965 0.8000 0.8045
View Live Chart for the AUD/USD
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