AUD/USD Forecast: Advancing toward the upper end of the range
Premium|Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get Premium without limits for only $9.99 for the first month
Access all our articles, insights, and analysts.
UNLOCK OFFERAUD/USD Current Price: 0.7777
- Australia will release the April AIG Performance of Services Index.
- Gold prices soared to their highest since mid-February, underpinning AUD/USD.
- AUD/USD is technically bullish in the near-term, but still trades below 0.7820.
The AUD/USD pair is trading around 0.7770, not far from its daily high, as a better market mood underpinned the commodity-linked currency. The aussie was also boosted by gold prices as the bright metal soared to $1,818.00 a troy ounce, its highest since mid-February. The metal got a green light to break higher from Federal Reserve officials reassuring rates will remain low for longer.
Early on Friday, Australia will publish the April AIG Performance of Services Index previously at 58.7, while the Reserve Bank of Australia will unveil the Minutes of its latest meeting.
AUD/USD short-term technical outlook
From a technical point of view, the AUD/USD pair is poised to extend its advance, but still needs to surpass the upper end of its latest range at 0.7820. In the 4-hour chart, the pair has accelerated its advance beyond all of its moving averages, with the 20 SMA gaining bullish strength between the longer ones. Technical indicators have lost directional strength but consolidate at daily highs well above their midlines.
Support levels: ‘0.7750 0.7710 0.7675
Resistance levels: 0.7820 0.7860 0.7900
AUD/USD Current Price: 0.7777
- Australia will release the April AIG Performance of Services Index.
- Gold prices soared to their highest since mid-February, underpinning AUD/USD.
- AUD/USD is technically bullish in the near-term, but still trades below 0.7820.
The AUD/USD pair is trading around 0.7770, not far from its daily high, as a better market mood underpinned the commodity-linked currency. The aussie was also boosted by gold prices as the bright metal soared to $1,818.00 a troy ounce, its highest since mid-February. The metal got a green light to break higher from Federal Reserve officials reassuring rates will remain low for longer.
Early on Friday, Australia will publish the April AIG Performance of Services Index previously at 58.7, while the Reserve Bank of Australia will unveil the Minutes of its latest meeting.
AUD/USD short-term technical outlook
From a technical point of view, the AUD/USD pair is poised to extend its advance, but still needs to surpass the upper end of its latest range at 0.7820. In the 4-hour chart, the pair has accelerated its advance beyond all of its moving averages, with the 20 SMA gaining bullish strength between the longer ones. Technical indicators have lost directional strength but consolidate at daily highs well above their midlines.
Support levels: ‘0.7750 0.7710 0.7675
Resistance levels: 0.7820 0.7860 0.7900
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.