AUD/USD Forecast: bullish above the 0.7120 price zone

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7096

Australian housing data mixed, Aussie still led by sentiment.
Trade war headlines keeping investors cautious around the AUD/USD pair.

The AUD/USD pair continues struggling for direction below the 0.7100 level, up daily basis from a low of 0.7051 amid the better market mood triggered by US President Donald Trump, who said that he thinks there will be “a great deal” with China on trade. Chinese shares, however, remained under pressure, preventing the pair from breaking above the key resistance area. Australia released September Building Permits, which were up 3.3% monthly basis. The year-to-year comparison, however, plunged, down by 14.1%. With no relevant data scheduled in the US, sentiment will set the tone during the upcoming American session.

The pair is hovering near its daily high of 0.7100, with a positive short-term technical stance. In the 4 hours chart, the pair is consolidating above a flat 20 SMA and below an also directionless 100 SMA, while technical indicators advance with uneven strength within positive ground, favoring further gains without confirming then. A more constructive outlook will appear on a break above the 0.7120 price zone, the immediate resistance, with scope then to advance during the upcoming sessions up to the critical 0.7250 price zone.

Support levels: 0.7080 0.7040 0.7000

Resistance levels: 0.7120 0.7155 0.7190

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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