AUD/USD Forecast: Bulls remain cautious

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7752

The Australian March Westpac Leading Index improved to 0.38% from 0.17%.
The better tone of American stocks helped the pair to bounce from a weekly low.
AUD/USD needs to advance beyond 0.7770 to become more attractive for bulls.

The AUD/USD pair trades around 0.7750, up for the day after falling to 0.7698, the lowest in a week. The pair advanced in the last trading session of the day, as demand for the greenback eased on the back of the better performance of stocks in the European and American sessions. Australian macroeconomic figures were generally encouraging, as the country published the March Westpac Leading Index, which improved to 0.38% from 0.17% in the previous month. Also, the preliminary estimate of March Retail Sales printed at 1.4%, recovering from -0.8% in the previous month and beating expectations of 1%.

Early on Thursday, the country will publish the Q1 National Australia Bank’s Business Confidence, foreseen at 7 from 14 in the previous month.

AUD/USD short-term technical outlook

The AUD/USD pair trades near a daily high of 0.7762, still unable to confirm further gains ahead. The 4-hour chart shows that the price is currently hovering around a flat 20 SMA, while the longer ones also lack directional strength below the current level. The Momentum indicator hovers within negative levels, while the RSI stands at around 54, unable to provide directional clues. Bulls will have more chances if the pair advances beyond 0.7770, the immediate resistance level.

Support levels: 0.7730 0.7690 0.7640

Resistance levels: 0.7770 0.7820 0.7855

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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