AUD/USD Forecast: Bulls will likely accelerate buying on a break above 0.7770

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7730

Gold prices and global indexes hold on to monthly gains.
The Reserve Bank of Australia will publish the Minutes of its latest meeting on Tuesday.
AUD/USD is technically bullish but still needs to overcome the 0.7770 resistance level.

The AUD/USD pair edge modestly lower on Friday but finished the week with substantial gains in the 0.7730 price zone. The pair reached a weekly high of 0.7760 amid the broad greenback’s weakness but lost traction in the last trading session of the week as investors took some profits out of the table. Nevertheless, substantial gains in gold prices and global indexes kept the pair afloat and poised to extend its advance.

The Australian macroeconomic calendar has had nothing to offer at the end of the week and will remain empty until next Tuesday when the Reserve Bank of Australia will publish the Minutes of its latest meeting.

AUD/USD short-term technical outlook

The daily chart for the AUD/USD pair shows that it is consolidating weekly gains, having lost bullish momentum but with the risk still skewed to the upside. The pair has settled above all of its moving averages, with the 20 and 100 SMAs providing dynamic support in the 0.7640/60. Meanwhile, technical indicators hold on to gains within positive levels. In the 4-hour chart, the pair is above all of its moving averages, with the 20 SMA heading firmly higher above the longer ones. Technical indicators have eased from overbought readings but stabilized within positive levels, indicating limited selling interest.

Support levels: 0.7710 0.7690 0.7640

Resistance levels: 0.7770 0.7820 0.7860

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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