AUD/USD Forecast: Grinding higher without momentum
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UNLOCK OFFERAUD/USD Current Price: 0.7401
- Spot gold reached a fresh two-week high of $1,832.62 a troy ounce.
- Demand for the aussie remains limited amid local economic woes.
- AUD/USD struggles to advance beyond 07400 despite demand for high-yielding assets.
The AUD/USD pair advanced on Thursday amid persistent greenback’s weakness, topping at 0.7413 and finishing the day around the 0.7400 mark. The aussie’s advance was modest, considering the positive tone of equities and soaring metals, usually bullish factors for the Australian currency. Spot gold jumped to $1,832.62 a troy ounce, its highest in two weeks.
Australia published the Q2 Import Price Index, which resulted at 1.9%, improving from 0.2% in Q1, while the Export Price Index in the same period rose to 13.2% from 11.2% in the previous quarter. The country will publish the Q2 Producer Price Index on Friday and June Private Sector Credit.
AUD/USD short-term technical outlook
The AUD/USD pair is neutral-to-bullish in the near-term. The 4-hour chart shows that the pair held above a mildly bullish 20 SMA, although sellers contain advances around a bearish 100 SMA. Technical indicators hover above their midlines, lacking directional strength. Bulls will have better chances if the pair advances above 0.7440, the immediate resistance level.
Support levels: 0.7370 0.7330 0.7290
Resistance levels: 0.7440 0.7475 0.7510
AUD/USD Current Price: 0.7401
- Spot gold reached a fresh two-week high of $1,832.62 a troy ounce.
- Demand for the aussie remains limited amid local economic woes.
- AUD/USD struggles to advance beyond 07400 despite demand for high-yielding assets.
The AUD/USD pair advanced on Thursday amid persistent greenback’s weakness, topping at 0.7413 and finishing the day around the 0.7400 mark. The aussie’s advance was modest, considering the positive tone of equities and soaring metals, usually bullish factors for the Australian currency. Spot gold jumped to $1,832.62 a troy ounce, its highest in two weeks.
Australia published the Q2 Import Price Index, which resulted at 1.9%, improving from 0.2% in Q1, while the Export Price Index in the same period rose to 13.2% from 11.2% in the previous quarter. The country will publish the Q2 Producer Price Index on Friday and June Private Sector Credit.
AUD/USD short-term technical outlook
The AUD/USD pair is neutral-to-bullish in the near-term. The 4-hour chart shows that the pair held above a mildly bullish 20 SMA, although sellers contain advances around a bearish 100 SMA. Technical indicators hover above their midlines, lacking directional strength. Bulls will have better chances if the pair advances above 0.7440, the immediate resistance level.
Support levels: 0.7370 0.7330 0.7290
Resistance levels: 0.7440 0.7475 0.7510
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