AUD/USD Forecast: Holding on to gains but missing a catalyst

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7363

Australia Q3 Private Capital Expenditures fell to -3%, worse than the -1.5% expected.
The American dollar remains away from investors’ radar.
AUD/USD maintains its bullish bias but needs to break above 0.7415.

The AUD/USD pair is confined to a tight range around 0.7360 for a second consecutive day, holding on to monthly gains. The pair was extremely quiet this Thursday, getting little clues from equities´ behavior. Australia published Q3 Private Capital Expenditures, which fell to -3%, worse than the -1.5% expected. The country’s macroeconomic calendar will remain empty this Friday.

AUD/USD short-term technical outlook

The technical picture for the AUD/USD pair remains the same, with the risk skewed to the upside. The 4-hour chart shows that the pair consolidates above a bullish 20 SMA, which keeps advancing above the larger ones. The Momentum indicator picked up after testing its midline but lacks strength enough to confirm a bullish extension. The RSI indicator consolidates around 59. Sellers remain side-lined as the dollar remains away from investors’ radar.

Support levels: 0.7330 0.7290 0.7250

Resistance levels: 0.7370 0.7415 0.7540

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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