AUD/USD Forecast: Comfortable above 0.7800

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7845

Stocks plummeted, but demand for the greenback remained subdued.
Australia will publish May Westpac Consumer Confidence on Wednesday.
AUD/USD maintains its positive stance in the near-term, holds above critical 0.7820.

The AUD/USD pair spent Tuesday in a tight intraday range, holding on to its latest gains above the 0.7800 threshold. The pair trades around 0.7840, little changed from Monday’s close, as it is trapped between the broad greenback’s weakness and the poor performance of global indexes. Wall Street suffered sharp losses, led by the tech sector and fueled by rising commodity prices, which may end inflating producer prices and hence, resulting in higher-than-tolerable inflation levels. This Wednesday, Australia will publish May Westpac Consumer Confidence, previously at 6.2%.

AUD/USD short-term technical outlook

The AUD/USD pair has lost its bullish strength, but chances of a decline remain limited in the near-term. The 4-hour chart shows that the 20 SMA keeps advancing below the longer ones while providing intraday support. The RSI indicator consolidates around 59, while the Momentum indicator heads lower within positive levels, indicating decreasing buying interest instead of suggesting selling one. The immediate support level is 0.7820, but bears could have better chances, only below 0.7770.

Support levels: 0.7820 0.7770 0.7720

Resistance levels: 0.7860 0.7900 0.7950

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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