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
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.