AUD/USD Forecast: Bulls maintain the pressure near 0.7600
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: 0.7581
- Australian trade surplus shrank to A$1,958 million in November.
- The positive tone of equities underpinned the AUD/USD.
- AUD/USD is bullish according to intraday charts, could run past 0.7640.
The AUD/USD pair has edged higher this Wednesday, helped by persistent dollar’s weakness and the better tone of equities, amid hopes for a Brexit deal. The aussie advanced despite the Australian trade surplus came in at A$1,958 million, a drop from the previous month's A$7,456 million, according to November’s preliminary estimate. Imports were up by 11%, while exports increased by a modest 1%. The country also published November Private Sector Credit, which printed at 0.1% MoM. Australian markets will remain close on Thursday.
AUD/USD short-term technical outlook
The AUD/USD pair is bullish in the near-term. The 4-hour chart shows that it has advanced above a mildly bearish 20 SMA, while the longer ones keep advancing below the shorter one. Technical indicators remain at daily highs well into positive territory, favoring another leg higher, mainly if the pair regains the 0.7600 threshold.
Support levels: 07550 0.7515 0.7470
Resistance levels: 0.7600 0.7640 0.7680
View Live Chart for the AUD/USD
AUD/USD Current Price: 0.7581
- Australian trade surplus shrank to A$1,958 million in November.
- The positive tone of equities underpinned the AUD/USD.
- AUD/USD is bullish according to intraday charts, could run past 0.7640.
The AUD/USD pair has edged higher this Wednesday, helped by persistent dollar’s weakness and the better tone of equities, amid hopes for a Brexit deal. The aussie advanced despite the Australian trade surplus came in at A$1,958 million, a drop from the previous month's A$7,456 million, according to November’s preliminary estimate. Imports were up by 11%, while exports increased by a modest 1%. The country also published November Private Sector Credit, which printed at 0.1% MoM. Australian markets will remain close on Thursday.
AUD/USD short-term technical outlook
The AUD/USD pair is bullish in the near-term. The 4-hour chart shows that it has advanced above a mildly bearish 20 SMA, while the longer ones keep advancing below the shorter one. Technical indicators remain at daily highs well into positive territory, favoring another leg higher, mainly if the pair regains the 0.7600 threshold.
Support levels: 07550 0.7515 0.7470
Resistance levels: 0.7600 0.7640 0.7680
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.