AUD/USD Current Price: 0.7040

  • Wall Street weighed on the Aussie, downside potential still limited.
  • AUD/USD needs to rally beyond 0.7095 to gain further bullish momentum.

The AUD/USD pair finished the week with gains at 0.7040, retreating in the last trading session from a multi-week high of 0.7081. The Australian dollar hit such a high, following comments from NY Fed’s Williams late Thursday, suggesting aggressive rate cuts in the US. His comments were later denied while St. Louis Bullard gave the greenback additional strength after saying a 25bps this month would be appropriate. By the end of the day, the sharp decline in US equities dragged the pair further lower. The upcoming Asian session won’t include macroeconomic releases, and in general, the fundamental side will be overly light for Australia and China.

 AUD/USD short-term technical outlook

The AUD/USD pair has room to continue advancing despite the latest pullback, as, in the daily chart, it settled above a bullish 20 DMA, also above the 100 DMA, while technical indicators hold into positive ground, although with uneven directional strength. The 200 DMA in the mentioned chart heads nowhere at around 0.7095, providing a key resistance that the pair needs to break to confirm a bullish continuation. For the shorter term, and according to the 4 hours chart, the potential downward seems limited, as the intraday decline stalled above all of the moving averages, while technical indicators eased from overbought readings, the Momentum currently consolidating and the RSI heading lower but at around 55.

Support levels: 0.6995 0.6950 0.6915  

Resistance levels: 0.7095 0.7135 0.7170

View Live Chart for the AUD/USD

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.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex Analysis

Editors’ Picks

EUR/USD under pressure below 1.1100 as US dollar rebounds

EUR/USD remains under pressure below 1.1100 amid the broad US dollar rebound. US President Trump's decision to extend lockdown to tackle the coronavirus outbreak intensified risks of a deeper economic slowdown and underpinned the haven demand for the greenback. 

EUR/USD News

GBP/USD: Rebound remains capped by 1.2400 amid firmer US dollar

GBP/USD is off the lows but the upside attempts remain capped by 1.2400 amid a broadly stronger US dollar. The dire warnings on the UK’s economic growth amid expectations of a longer lockdown weigh on the spot. 

GBP/USD News

Cryptocurrencies: Bulls try to take the reins again, XRP in front

The XRP/USD pair is best positioned to escape the bearish trap that has gripped the market in recent weeks. Ether needs to do better than BTC, as it has happened over the weekend. Market sentiment is at a negative extreme, an invitation to a short-term upward shift.

Read more

Gold remains confined in a narrow range around $1620 level

Gold extended its sideways consolidative price action and remained confined in a four-day-old trading range through the early European session on Monday. A goodish pickup in the USD demand seemed to be a key factor capping gains.

Gold News

WTI closes in on multi-year lows, trades around $20.50 on demand concerns

The barrel of West Texas Intermediate (WTI) posted losses for the sixth straight time last meek and is now looking to close the month of March more than 50% lower. 

Oil News

Forex Majors

Cryptocurrencies

Signatures