AUD/USD analysis: bullish 0.7834 likely target on an advance beyond 0.7760

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7733

The Aussie advanced against the greenback up to 0.7747, a fresh 4-month high, having held above the 0.7700 level daily basis. The Reserve Bank of Australia will release the Minutes of its latest meeting will be released during the upcoming Asian session, alongside with the House price index for the last quarter of 2016. As for the RBA, the Central Bank is hardly expected to surprise market's participants, expected to retain the stance of keeping rates low for longer. From a technical point of view, the pair presents a clear upward potential, as in the 4 hours chart, the 20 SMA has maintained its sharp upward slope, now around 0.7700, whilst the Momentum indicator has extended its bounce from its 100 line and the RSI indicator consolidates around 66. The pair has been unable to sustain gains beyond the 0.7700 level since early 2015, but have rallied up to 0.7834 in the way, which means caution is advised on going long at current levels. What may help the AUD to extend its rally is a recovery in base metals that traded softly this Monday.

Support levels: 0.7700 0.7660 0.7610

Resistance levels: 0.7760 0.7800 0.7835

View Live Chart for the AUD/USD

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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