AUD/USD analysis: positive, but close to 0.7700 barrier
|AUD/USD Current price: 0.7670
The AUD/USD pair extended its recovery, up for a second consecutive day and settling a couple of pips below the daily high of 0.7673, backed by a continued recovery in copper prices, as the commodity advanced up to $2.676, a fresh 1-week high, after plummeting at the beginning of the week to 2.564. There were no major releases in Australia, and there's only one housing sales index scheduled for the upcoming Asian session, which means that the pair will likely continue responding to stocks and base metals. From a technical point of view, the 4 hours chart shows that the pair is favored towards the upside, but also that the upward momentum is limited, as the price has settled above a modestly bullish 20 SMA, while technical indicators aim modestly higher within positive territory, but with tepid upward slopes. Further gains beyond 0.7700 should result in a test of the recent highs in the 0.7740/50 region, although investors will likely rush to take profits out of the table on any spike beyond the 0.7700 level.
Support levels: 0.7640 0.7600 0.7570
Resistance levels: 0.7710 0.7750 0.7785
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.