AUD/USD Forecast: Afloat amid the broad dollar’s weakness

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7649

A fresh one-month high in gold prices underpinned the aussie.
Australia will publish the March AIG Performance of Services Index.
AUD/USD recovered from the 0.7600 level, but the bullish potential is still limited.

The AUD/USD pair recovered after bottoming around the 0.7600 figure on Wednesday, ending the day around 0.7650. Absent demand for the American currency and higher metal prices backed the aussie. Gold prices jumped to their highest since March 1. Spot gold traded as high as $ 1,758.61 a troy ounce, ending the day a couple of bucks below the level. As per stocks, European and American indexes posted modest advances but remained within familiar levels, falling to boost demand for commodity-linked currencies.

The Australian macroeconomic calendar was empty on Thursday, but the country will publish the March AIG Performance of Services Index during the upcoming Asian session, previously at 55.8.

AUD/USD short-term technical outlook

The AUD/USD pair is neutral-to-bearish in the near-term. The 4-hour chart shows that the price is struggling among converging 20 and 100 SMAs, which lack directional strength. The 200 SMA maintains its bearish slope around 0.7715. Technical indicators stand within neutral levels without directional strength.

Support levels: 0.7620 0.7590 0.7550

Resistance levels: 0.7690 0.7710 0.7750

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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