AUD/USD Forecast: Dangerously close to the 0.7700 support area
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UNLOCK OFFERAUD/USD Current Price: 0.7721
- Australian Retail Sales are expected to have bounced in March.
- The RBA Minutes showed policymakers don’t expect to tighten at least until 2024.
- AUD/USD gains bearish traction as the day comes to an end, pressured by a dismal mood.
The AUD/USD pair ended Tuesday in the red around 0.7708, after reaching 0.7815 during Asian trading hours, its highest since mid-March. The Reserve Bank of Australia published the Minutes of its latest meeting, which showed that policymakers remain committed to the “highly supportive” monetary policy, reiterating that they don’t expect to reach employment and inflation targets until 2024 at the earliest.
The pair fell alongside equities but retained the 0.7700 threshold as gold prices ticked higher. This Wednesday, Australia will publish the March Westpac Leading Index, previously at 0.02% and the preliminary estimate of March Retail Sales, foreseen at 1% after falling by 0.8$ in February.
AUD/USD short-term technical outlook
The AUD/USD pair is trading near the mentioned daily low and could extend its slide in the upcoming sessions. The 4-hour chart shows that it has broken below a now directionless 20 SMA, while technical indicators head firmly lower within negative levels. The longer moving averages remain flat below the current level. A clear break below 0.7690 should signal a bearish continuation towards the 0.7600 price zone.
Support levels: 0.7690 0.7640 0.7605
Resistance levels: 0.7730 0.7770 0.7820
AUD/USD Current Price: 0.7721
- Australian Retail Sales are expected to have bounced in March.
- The RBA Minutes showed policymakers don’t expect to tighten at least until 2024.
- AUD/USD gains bearish traction as the day comes to an end, pressured by a dismal mood.
The AUD/USD pair ended Tuesday in the red around 0.7708, after reaching 0.7815 during Asian trading hours, its highest since mid-March. The Reserve Bank of Australia published the Minutes of its latest meeting, which showed that policymakers remain committed to the “highly supportive” monetary policy, reiterating that they don’t expect to reach employment and inflation targets until 2024 at the earliest.
The pair fell alongside equities but retained the 0.7700 threshold as gold prices ticked higher. This Wednesday, Australia will publish the March Westpac Leading Index, previously at 0.02% and the preliminary estimate of March Retail Sales, foreseen at 1% after falling by 0.8$ in February.
AUD/USD short-term technical outlook
The AUD/USD pair is trading near the mentioned daily low and could extend its slide in the upcoming sessions. The 4-hour chart shows that it has broken below a now directionless 20 SMA, while technical indicators head firmly lower within negative levels. The longer moving averages remain flat below the current level. A clear break below 0.7690 should signal a bearish continuation towards the 0.7600 price zone.
Support levels: 0.7690 0.7640 0.7605
Resistance levels: 0.7730 0.7770 0.7820
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