AUD/USD Forecast: Bulls likely to test the yearly high
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: 0.7352
- The Australian trade surplus contracted in October to 4840M.
- Wall Street rallying to record highs underpinned the aussie.
- AUD/USD bullish breakout supports another leg north in the near-term.
The AUD/USD pair hit a fresh 2-month high of 0.7367, holding on to most of its daily gains as the US session comes to an end. The pair rallied despite discouraging Australian data, as the trade surplus in October resulted at 4840M, down from 5630M in the previous month. Imports rose 8% in the month, while exports were up by 6%. Rallying equities provided support to the pair during US trading hours. This Wednesday, Australia will publish Construction Work Done, seen declining by 2% in the three months to September, after falling by 0.7% in the second quarter of the year.
AUD/USD short-term technical outlook
The AUD/USD pair is trading in the 0.7350 price zone, poised to extend its advance. The 4-hour chart shows that a mildly bullish 20 SMA provided intraday support, currently at 0.7310. The 100 SMA has accelerated north below the shorter one. Technical indicators, on the other hand, lack directional strength but remain within positive levels. The next relevant resistance and the bullish target is 0.7413, the year high achieved last September.
Support levels: 0.7335 0.7290 0.7250
Resistance levels: 0.7370 0.7415 0.7540
View Live Chart for the AUD/USD
AUD/USD Current Price: 0.7352
- The Australian trade surplus contracted in October to 4840M.
- Wall Street rallying to record highs underpinned the aussie.
- AUD/USD bullish breakout supports another leg north in the near-term.
The AUD/USD pair hit a fresh 2-month high of 0.7367, holding on to most of its daily gains as the US session comes to an end. The pair rallied despite discouraging Australian data, as the trade surplus in October resulted at 4840M, down from 5630M in the previous month. Imports rose 8% in the month, while exports were up by 6%. Rallying equities provided support to the pair during US trading hours. This Wednesday, Australia will publish Construction Work Done, seen declining by 2% in the three months to September, after falling by 0.7% in the second quarter of the year.
AUD/USD short-term technical outlook
The AUD/USD pair is trading in the 0.7350 price zone, poised to extend its advance. The 4-hour chart shows that a mildly bullish 20 SMA provided intraday support, currently at 0.7310. The 100 SMA has accelerated north below the shorter one. Technical indicators, on the other hand, lack directional strength but remain within positive levels. The next relevant resistance and the bullish target is 0.7413, the year high achieved last September.
Support levels: 0.7335 0.7290 0.7250
Resistance levels: 0.7370 0.7415 0.7540
View Live Chart for the AUD/USD
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.