AUD/USD Forecast: Poised to challenge 0.7700

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7679

Wall Street’s rally provided support to commodity-linked currencies.
China will publish this Thursday the December official NBS PMIs.
AUD/USD pressures 2020 high while maintaining its bullish stance.

The AUD/USD pair hit 0.7685 this Wednesday, a level that was last seen in April 2018. Commodity-linked currencies were the best performers against the greenback, supported by Wall Street flirting with record highs. The pair trades a few pips below the mentioned high heading into the Asian opening. The focus during the upcoming hours will be on the Chinese macroeconomic calendar, as the country will publish the December official NBS Manufacturing PMI, foreseen at 52 from 52.1, and the Non-Manufacturing PMI expected at 52.4 from 56.4 in the previous month.

AUD/USD short-term technical outlook

The AUD/USD pair maintains its bullish stance and could extend its advance beyond the 0.7700 level. In the 4-hour chart, the pair keeps advancing above bullish moving averages, while technical indicators reached overbought levels, barely losing their positive momentum. Once beyond 0.7700, the path is clear towards 0.7812, April 2018 monthly high.

Support levels: 0.7640 0.7605 0.7570

Resistance levels: 0.7681 0.7720 0.7760

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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