AUD/USD Forecast: Advancing toward the upper end of the range

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7777

Australia will release the April AIG Performance of Services Index.
Gold prices soared to their highest since mid-February, underpinning AUD/USD.
AUD/USD is technically bullish in the near-term, but still trades below 0.7820.

The AUD/USD pair is trading around 0.7770, not far from its daily high, as a better market mood underpinned the commodity-linked currency. The aussie was also boosted by gold prices as the bright metal soared to $1,818.00 a troy ounce, its highest since mid-February. The metal got a green light to break higher from Federal Reserve officials reassuring rates will remain low for longer.

Early on Friday, Australia will publish the April AIG Performance of Services Index previously at 58.7, while the Reserve Bank of Australia will unveil the Minutes of its latest meeting.

AUD/USD short-term technical outlook

From a technical point of view, the AUD/USD pair is poised to extend its advance, but still needs to surpass the upper end of its latest range at 0.7820. In the 4-hour chart, the pair has accelerated its advance beyond all of its moving averages, with the 20 SMA gaining bullish strength between the longer ones. Technical indicators have lost directional strength but consolidate at daily highs well above their midlines.

Support levels: ‘0.7750 0.7710 0.7675

Resistance levels: 0.7820 0.7860 0.7900

View Live Chart for the AUD/USD

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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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