AUD/USD Forecast: Poised to defy the 0.7400 threshold

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7388

Australian NAB’s Business Confidence contracted to 17 in the second quarter.
The focus will be on the preliminary estimates of the July Commonwealth PMIs.
AUD/USD is bullish in the near-term, still needs to overcome the 0.7400 resistance.

The AUD/USD pair peaked at 0.7396, retreating modestly afterwards to close the day around 0.7380. The pair found support in the better tone of Asian and European indexes, which posted substantial gains. The positive mood eased during American trading hours, preventing the pair from advancing further.

Australian data released at the beginning of the day missed expectations. NAB’s Business Confidence contracted to 17 in the second quarter from 19 in the previous quarter, also missing the market’s expectations of 21. On Friday, the country will publish the preliminary July estimates of the Commonwealth Bank PMIs.

AUD/USD short-term technical outlook

The near-term picture for the AUD/USD pair is bullish. The 4-hour chart shows that it has advanced above a now flat 20 SMA, although it holds well below bearish 100 and 200 SMAs. In the meantime, technical indicators head firmly higher within positive levels, anticipating another leg north, mainly on a break above the 0.7400 figure.

Support levels: 0.7330 0.7290 0.7260

Resistance levels: 0.7400 0.7440 0.7475

View Live Chart for the AUD/USD

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

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.

EUR/USD treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

Gold the battle of wills continues with bulls not ready to give up

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.