AUD/USD Forecast: Rally could continue

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.6331

Aussie underpinned by soaring gold prices and substantial Wall Street’s gains.
China will publish March inflation and money figures during the upcoming session.
AUD/USD at one-month highs could extend its gains beyond 0.6400.

The AUD/USD pair soared to 0.6362, its highest in almost a month, retreating toward the 0.6320 ahead of the Asian opening. The Aussie was underpinned by rallying equities, but also by gold, as the bright metal run to $1.690.23 a troy ounce, its highest since early March. Despite the coronavirus pandemic numbers continue to be discouraging, market players decided to resume buying high-yielding assets.

Most Asian markets will remain closed amid the Good Friday Holiday, although China is scheduled to publish some March data. The country will release inflation for the mentioned month, seen plummeting into negative territory, and money figures.

AUD/USD short-term technical outlook

The AUD/USD pair could extend its advance during the upcoming hours, although volumes are set to decrease sharply. The 4-hour chart shows that it settled above all of its moving averages, with the 20 SMA advancing above the 100 SMA but still below the 200 SMA. The Momentum indicator is directionless within positive levels, as the RSI stabilizes in overbought levels.

Support levels: 0.6295 0.6250 0.6210

Resistance levels: 0.6365 0.6400 0.6440

View Live Chart for the AUD/USD

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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