AUD/USD Forecast: Heading toward the 0.6900/30 resistance area
|AUD/USD Current Price: 0.6881
- Australian Consumer Confidence plummeted in December to -1.9%.
- AUD/USD bullish, poised to test October monthly high at 0.6929.
The Australian dollar was among the best performers against the greenback, rallying to a fresh 6-week high of 0.6888, despite data coming from Australia disappointed. The December Consumer Confidence Index fell to -1.9% much worse than the expected -0.7%. The market also ignored persistent tension between the US and China, although headlines suggesting that both economies are working on delaying the tariffs scheduled to come into effect next December 15, further underpinned the Aussie.
This Thursday, the country will release the December Consumer Inflation Expectations, foreseen at 3.5% from the previous 4.0%.
AUD/USD short-term technical outlook
The AUD/USD pair is trading near the mentioned daily high, bullish according to intraday technical readings, as it’s firmly above the 61.8% retracement of the November decline, the immediate support at 0.6865. In the 4-hour chart, technical indicators maintain their bullish slopes in overbought levels, while the price is well above all of its moving averages, which remain directionless. The immediate resistance is 0.6900, while a more relevant one comes at 0.6930, October 31st high.
Support levels: 0.6865 0.6830 0.6800
Resistance levels: 0.6900 0.6930 0.6970
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