AUD/USD Forecast: Modest buying at the bottom of the range
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: 0.7728
- Australian May Consumer Inflation Expectations are foreseen at 3.6%.
- Gold prices recovered some ground, providing support to the Aussie.
- AUD/USD is neutral-to-bearish in the near-term, could near 0.7600.
The AUD/USD pair traded as low as 0.7687, bouncing during US trading hours to settle in the 0.7730 price zone. The recovery was backed by US equities and gold prices, which recovered during the American session, with US indexes finishing the day in the green and spot gold reaching $ 1,825 a troy ounce. Australia will publish this Friday, May Consumer Inflation Expectations, foreseen at 3.6% from 3.2% in the previous month.
AUD/USD short-term technical outlook
The AUD/USD pair maintains the sour tone, and could still fall to fresher lows below the 0.7700 level. The 4-hour chart shows that the pair is struggling to remain above a flat 200 SMA, but also that the 20 SMA has accelerated its decline above the current level. Technical indicators lack directional strength, holding within negative levels. The pair has met buyers at the bottom of its latest range, but the risk of a fresh leg south has increased.
Support levels: 0.7690 0.7650 0.7620
Resistance levels: 0.7770 0.7820 0.7860
AUD/USD Current Price: 0.7728
- Australian May Consumer Inflation Expectations are foreseen at 3.6%.
- Gold prices recovered some ground, providing support to the Aussie.
- AUD/USD is neutral-to-bearish in the near-term, could near 0.7600.
The AUD/USD pair traded as low as 0.7687, bouncing during US trading hours to settle in the 0.7730 price zone. The recovery was backed by US equities and gold prices, which recovered during the American session, with US indexes finishing the day in the green and spot gold reaching $ 1,825 a troy ounce. Australia will publish this Friday, May Consumer Inflation Expectations, foreseen at 3.6% from 3.2% in the previous month.
AUD/USD short-term technical outlook
The AUD/USD pair maintains the sour tone, and could still fall to fresher lows below the 0.7700 level. The 4-hour chart shows that the pair is struggling to remain above a flat 200 SMA, but also that the 20 SMA has accelerated its decline above the current level. Technical indicators lack directional strength, holding within negative levels. The pair has met buyers at the bottom of its latest range, but the risk of a fresh leg south has increased.
Support levels: 0.7690 0.7650 0.7620
Resistance levels: 0.7770 0.7820 0.7860
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.