AUD/USD Forecast: Advancing within range still below 0.7820
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 all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADEAUD/USD Current Price: 0.7741
- Australian data showed signs of further improvement at the beginning of Q2.
- The aussie advanced on sentiment, following the lead of US indexes.
- AUD/USD advanced within range, upside limited by 0.7820.
The AUD/USD pair keeps seesawing between gains and losses, ending Wednesday with modest gains in the 0.7740 price zone. Australian macroeconomic figures released at the beginning of the day were mostly encouraging. The AIG Performance of Construction Index printed at 59.1 in April, below the previous 61.8. The Commonwealth Bank Services PMI for the same month printed at 58.8, while March Building Permits soared 17.4% MoM, largely surpassing the 3% expected.
The positive tone of US indexes provided support to the pair, as US policymakers cooled down expectations for higher US rates. Australia won’t publish macroeconomic data this Thursday, but RBA’s Deputy Governor Debelle is due to deliver a speech titled "Monetary Policy during Covid" in Perth.
AUD/USD short-term technical outlook
The AUD/USD pair seems poised to extend its advance within range. The 4-hour chart shows that it is hovering around a bullish 100 SMA, while the 20 SMA loses its bearish strength below it. However, technical indicators have turned flat within neutral levels, while the 200 SMA remains flat at around 0.7690. A strong static resistance level comes at 0.7820, with bulls having better chances if the pair gets to advance beyond it.
Support levels: 0.7710 0.7675 0.7630
Resistance levels: 0.7775 0.7820 0.7860
AUD/USD Current Price: 0.7741
- Australian data showed signs of further improvement at the beginning of Q2.
- The aussie advanced on sentiment, following the lead of US indexes.
- AUD/USD advanced within range, upside limited by 0.7820.
The AUD/USD pair keeps seesawing between gains and losses, ending Wednesday with modest gains in the 0.7740 price zone. Australian macroeconomic figures released at the beginning of the day were mostly encouraging. The AIG Performance of Construction Index printed at 59.1 in April, below the previous 61.8. The Commonwealth Bank Services PMI for the same month printed at 58.8, while March Building Permits soared 17.4% MoM, largely surpassing the 3% expected.
The positive tone of US indexes provided support to the pair, as US policymakers cooled down expectations for higher US rates. Australia won’t publish macroeconomic data this Thursday, but RBA’s Deputy Governor Debelle is due to deliver a speech titled "Monetary Policy during Covid" in Perth.
AUD/USD short-term technical outlook
The AUD/USD pair seems poised to extend its advance within range. The 4-hour chart shows that it is hovering around a bullish 100 SMA, while the 20 SMA loses its bearish strength below it. However, technical indicators have turned flat within neutral levels, while the 200 SMA remains flat at around 0.7690. A strong static resistance level comes at 0.7820, with bulls having better chances if the pair gets to advance beyond it.
Support levels: 0.7710 0.7675 0.7630
Resistance levels: 0.7775 0.7820 0.7860
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.