AUD/USD Forecast: PM Morrison providing support to Aussie
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UNLOCK OFFERAUD/USD Current Price: 0.7288
- Australian PM Morrison said he is expecting to see a jobs bounce-back.
- The number of new daily coronavirus cases in Victoria keeps decreasing.
- AUD/USD is bearish in the short-term but could start the week with a bullish gap.
The AUD/USD pair heads into Monday’s opening trading a few pips below 0.7300, after spending another week hovering around this last, without any directional strength. Broad dollar’s strength opposed to falling equities, leaving AUD/USD traders without a certain directional clue. Softer gold prices throughout the week helped in keeping the upside limited.
It may start the week gaping higher, as, during the weekend, PM Morrison said he is expecting to see a jobs bounce-back as Victoria prepares to reopen. New coronavirus cases in the area fell to 14 on Sunday, the lowest in three months, supporting plans to start lifting restrictions on September 28. The Australian macroeconomic calendar had nothing to offer this Monday.
AUD/USD short-term technical outlook
Daily basis, the AUD/USD pair is developing above a mildly bullish 20 DMA, while the larger ones keep advancing below it. Technical indicators, however, lack directional strength, the Momentum within neutral levels and the RSI around 55. The bearish potential seems quite limited due to price behavior and despite easing indicators. In the shorter-term, and according to the 4-hour chart, the risk skews to the downside, as technical indicators head firmly lower within negative levels, as the pair settled below its 20 and 100 SMAs.
Support levels: 0.7250 0.7215 0.7170
Resistance levels: 0.7310 0.7350 0.7385
View Live Chart for the AUD/USD
AUD/USD Current Price: 0.7288
- Australian PM Morrison said he is expecting to see a jobs bounce-back.
- The number of new daily coronavirus cases in Victoria keeps decreasing.
- AUD/USD is bearish in the short-term but could start the week with a bullish gap.
The AUD/USD pair heads into Monday’s opening trading a few pips below 0.7300, after spending another week hovering around this last, without any directional strength. Broad dollar’s strength opposed to falling equities, leaving AUD/USD traders without a certain directional clue. Softer gold prices throughout the week helped in keeping the upside limited.
It may start the week gaping higher, as, during the weekend, PM Morrison said he is expecting to see a jobs bounce-back as Victoria prepares to reopen. New coronavirus cases in the area fell to 14 on Sunday, the lowest in three months, supporting plans to start lifting restrictions on September 28. The Australian macroeconomic calendar had nothing to offer this Monday.
AUD/USD short-term technical outlook
Daily basis, the AUD/USD pair is developing above a mildly bullish 20 DMA, while the larger ones keep advancing below it. Technical indicators, however, lack directional strength, the Momentum within neutral levels and the RSI around 55. The bearish potential seems quite limited due to price behavior and despite easing indicators. In the shorter-term, and according to the 4-hour chart, the risk skews to the downside, as technical indicators head firmly lower within negative levels, as the pair settled below its 20 and 100 SMAs.
Support levels: 0.7250 0.7215 0.7170
Resistance levels: 0.7310 0.7350 0.7385
View Live Chart for the AUD/USD
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