AUD/USD Forecast: Poised to test the 0.7060 resistance area
|AUD/USD Current Price: 0.7011
- The RBA will release the Minutes of its latest meeting, followed by a speech from Governor Lowe.
- AUD/USD is modestly advancing above the 0.700 threshold but holds below its recent lows.
The AUD/USD pair is battling to extend gains beyond the 0.7000 level, trading a few pips above it. The pair advanced within range as the greenback remained out of the market’s favor, while higher commodities prices provided additional support to the Aussie. Nevertheless, market players started the week on a cautious note amid mixed coronavirus-related headlines and ahead of earnings reports. Early Tuesday, the RBA will release the Minutes of its latest meeting, later followed by a speech from Governor Lowe, who will discuss COVID 19, the Labour Market, and Public-sector Balance Sheets.
AUD/USD short-term technical outlook
The AUD/USD pair is pressuring daily highs but still below the critical 0.7060 price zone, the level to surpass to confirm a new leg north. The short-term picture keeps favoring the upside, as, in the 4-hour chart, the pair continues to develop above all of its moving averages. Technical indicators, in the meantime, head north with moderate strength. The chances of a bullish extension would decrease on a break below 0.6975, the immediate support.
Support levels: 0.6975 0.6930 0.6895
Resistance levels: 0.7025 0.7060 0.7100
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.