AUD/USD Forecast: Bulls pause ahead of Australian data
|AUD/USD Current Price: 0.6485
- Australia to release the April NAB´s Business Confidence index, previously at -66.
- Chinese inflation expected to recover modestly, still seen deep in the red.
- AUD/USD retreated from highs but retains its positive tone.
The AUD/USD pair peaked at 0.6560 but ended the day in the red around 0.6480, weighed by the sour tone of equities. Crude oil prices attempted to advance a couple of times throughout the day, but even after Saudi Arabia announced a voluntary cut of 100K barrels per day. Spot gold also eased, nearing $1,690 a troy ounce. Australia will publish this Tuesday the April NAB´s Business Confidence index, previously at -66. China will offer an update on inflation, with the CPI seen down by 2.6% YoY in April.
AUD/USD short-term technical outlook
The AUD/USD pair retains its positive bias despite ending the day in the red. The 4-hour chart shows that it’s battling with a mild-bullish 20 SMA but holding above the larger ones, as technical indicators corrected overbought conditions to consolidate near neutral levels. Better than anticipated Australian data will likely boost the pair back above the 0.6500 figure, while only below 0.6445, the daily low, the risk will turn to the downside.
Support levels: 0.6445 0.6405 0.6370
Resistance levels: 0.6520 0.6550 0.6590
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.