AUD/USD: modestly bullish ahead of Wall Street
|AUD/USD Current price: 0.7573
The AUD/USD pair traded as high as 0.7590 at the beginning of the day, backed by broad dollar's weakness, but the pair changed course early Europe, dragged lower by a falling gold prices, meeting short term buying interest around 0.7560. The pair trades around the 23.6% retracement of its latest bullish run ahead of the release of US data and Wall Street's opening, maintaining a positive short term stance according to the 4 hours chart, given that the price is above a now flat 20 SMA, whilst technical indicators managed to bounce from their mid-lines, with limited upward momentum at the time being.
Given the strong momentum in equities, the risk of a downward move seems now limited, albeit upcoming gains will depend on Wall Street's behavior and the ability of the pair to surpass the 0.7600 figure.
Support levels: 0.7530 0.7470 0.7425
Resistance levels: 0.7600 0.7635 0.7670
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