AUD/USD analysis: positive, but close to 0.7700 barrier

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7670

The AUD/USD pair extended its recovery, up for a second consecutive day and settling a couple of pips below the daily high of 0.7673, backed by a continued recovery in copper prices, as the commodity advanced up to $2.676, a fresh 1-week high, after plummeting at the beginning of the week to 2.564. There were no major releases in Australia, and there's only one housing sales index scheduled for the upcoming Asian session, which means that the pair will likely continue responding to stocks and base metals. From a technical point of view, the 4 hours chart shows that the pair is favored towards the upside, but also that the upward momentum is limited, as the price has settled above a modestly bullish 20 SMA, while technical indicators aim modestly higher within positive territory, but with tepid upward slopes. Further gains beyond 0.7700 should result in a test of the recent highs in the 0.7740/50 region, although investors will likely rush to take profits out of the table on any spike beyond the 0.7700 level.

Support levels: 0.7640 0.7600 0.7570

Resistance levels: 0.7710 0.7750 0.7785

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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