AUD/USD Forecast: At five-month highs, bullish
|AUD/USD Current Price: 0.6941
- Wall Street and gold prices up give support to the Aussie.
- AUD/USD bullish, speculative interest ready to push it toward 0.7000.
The Australian dollar continues to be the best performer against the greenback, with the AUD/USD pair having extended its rally to a fresh December high of 0.6943. The pair is trading at levels last seen in July this year, stronger on the back of optimism regarding the US-China trade relationship. The positive performance of Wall Street, alongside gold advancing beyond the 1,500 threshold, lent support to the pair this Thursday. Australian markets have been closed for the Christmas holidays and will resume activity this Friday. No data is going to be released.
AUD/USD short-term technical outlook
The AUD/USD pair is poised to extend its gains, given that, in the 4-hour chart, a bullish 20 SMA continues to provide intraday support, while advancing above the larger ones. Technical indicators lack directional strength, the Momentum just above its 100 line, but the RSI at around 75, skewing the risk to the upside. The pair has now room to test the 0.7000 threshold, with little chances of breaking through it on a first attempt.
Support levels:0.6900 0.6865 0.6830
Resistance levels: 0.6970 0.7000 0.7035
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