AUD/USD Current Price: 0.7727

  • Australian Westpac Consumer Confidence printed at 6.2% in April up from 2.6% previously.
  • Australia to publish March employment data, with 35K new jobs expected to have been added.
  • AUD/USD turned bullish in the near-term and could keep rallying in the upcoming sessions.

Commodity-linked currencies outperformed their European rivals against the greenback, with AUD/USD rallying to 0.7737, a fresh April high. Crude oil prices were the initial trigger, as WTI jumped to above $ 63.00 a barrel following an encouraging EIA report, which showed a third straight week of crude draw. The headline spurred risk appetite, sending US indexes to unexplored territory.

Australian data was supportive of the local currency as April Westpac Consumer Confidence printed at 6.2%, up from 2.6% in the previous month. This Thursday, the country will publish April Consumer Inflation Expectations, previously at 4.1%, and March employment figures. The country is expected to have added 35K new jobs in the month, while the unemployment rate is seen down to 5.7%.

AUD/USD short-term technical outlook

The AUD/USD pair holds on to gains trading near the mentioned high, facing the next resistance at 0.7770. Once above the level, the path opens for a steeper advance. The 4-hour chart shows that the pair has sharply advanced beyond its 200 SMA for the first time in almost a month, while the 20 SMA slowly gains bullish traction well below the longer one. Technical indicators eased just modestly from intraday highs, holding near overbought readings, a sign of prevalent buying interest.

 Support levels: 0.7710 0.7690 0.7640

Resistance levels: 0.7770 0.7820 0.7860

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.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD: EU vaccine deal helps extend US NFP-led run-up to fresh multi-day top towards 1.2200

EUR/USD begins the week with an uptick to refresh highest levels since February 26, wobbles around the top of late. EU battles for more vaccines as jab jitters disappoint the bloc members, Brexit, sluggish data add to the fears. DXY marked the biggest daily losses in six months after NFP debacle.

EUR/USD News

GBP/USD flirts with three-week high near 1.4000 as Scottish elections, Brexit test buyers

GBP/USD needs strong push to keep Friday’s biggest jump since April 19, trying to stay positive of late. Nicola Sturgeon wins Scottish election but SNP needs majority for second referendum. Exporters from UK freeports face tariffs to 23 countries following fresh post-Brexit trade agreements.

GBP/USD News

Dogecoin: Defending 21-DMA is critical for DOGE after Musk calls it a ‘hustle’

The selling pressure in the Dogecoin (DOGE/USD) remains unabated for the second straight day on Sunday, as the corrective mode from all-time highs of $0.7605 remains intact. DOGE bulls remain hopeful as 21-DMA support holds, with RSI still bullish.

Read more

EUR/USD: EU vaccine deal helps extend US NFP-led run-up to fresh multi-day top towards 1.2200

EUR/USD begins the week with an uptick to refresh highest levels since February 26, wobbles around the top of late. EU battles for more vaccines as jab jitters disappoint the bloc members, Brexit, sluggish data add to the fears. DXY marked the biggest daily losses in six months after NFP debacle.

EUR/USD News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more

Majors

Cryptocurrencies

Signatures