AUD/USD Forecast: Picking up bullish momentum
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: 0.7130
- The Aussie is among the best performers, finding support in soaring gold prices.
- Chinese official September PMIs to be out during the upcoming Asian session.
- AUD/USD is technically bullish, could extend its advance beyond 0.7200.
The AUD/USD pair advanced for a second consecutive day, trading near its daily highs in the 0.7130 price zone as Asian the US session comes to an end. The Aussie rallied on the back of the American dollar´s broad weakness, ignoring the sour tone of equities. Gold soared, providing additional support to the Australian currency.
This Wednesday, Australia will publish August Private Sector Credit and Building Permits for the same month. More relevantly, China will release the official NBS Manufacturing PMI, foreseen in September at 51.2 from 51 in August, and the Non-Manufacturing PMI for the same month, seen shrinking from 55.2 to 52.1
AUD/USD short-term technical outlook
The AUD/USD pair is firmly bullish and poised to extend its advance. The 4-hour chart shows that the pair advanced above its 20 SMA, which turned higher at around 0.7070, although it remains below the larger ones. Technical indicators, in the meantime, head firmly higher well above their midlines, anticipating another leg higher in the near-term. The pair has room to extend its advance beyond 0.7200, mainly if the sentiment improves.
Support levels: 0.7100 0.7060 0.7015
Resistance levels: 0.7170 0.7210 0.7250
View Live Chart for the AUD/USD
AUD/USD Current Price: 0.7130
- The Aussie is among the best performers, finding support in soaring gold prices.
- Chinese official September PMIs to be out during the upcoming Asian session.
- AUD/USD is technically bullish, could extend its advance beyond 0.7200.
The AUD/USD pair advanced for a second consecutive day, trading near its daily highs in the 0.7130 price zone as Asian the US session comes to an end. The Aussie rallied on the back of the American dollar´s broad weakness, ignoring the sour tone of equities. Gold soared, providing additional support to the Australian currency.
This Wednesday, Australia will publish August Private Sector Credit and Building Permits for the same month. More relevantly, China will release the official NBS Manufacturing PMI, foreseen in September at 51.2 from 51 in August, and the Non-Manufacturing PMI for the same month, seen shrinking from 55.2 to 52.1
AUD/USD short-term technical outlook
The AUD/USD pair is firmly bullish and poised to extend its advance. The 4-hour chart shows that the pair advanced above its 20 SMA, which turned higher at around 0.7070, although it remains below the larger ones. Technical indicators, in the meantime, head firmly higher well above their midlines, anticipating another leg higher in the near-term. The pair has room to extend its advance beyond 0.7200, mainly if the sentiment improves.
Support levels: 0.7100 0.7060 0.7015
Resistance levels: 0.7170 0.7210 0.7250
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.