AUD/USD Current Price: 0.7745

  • An improved market’s mood put the greenback under selling pressure.
  • Australian Q4 inflation is foreseen stable and well below RBA’s target.
  • AUD/USD is back bullish in the near-term, could rally beyond 07815.

The AUD/USD pair resumed its advance this Tuesday, reaching 0.7753 and trading nearby as the day comes to an end. The pair surged during European trading hours amid an improvement in the market’s mood, which played against the greenback. The pair retained gains despite the poor performance of Wall Street, as the US three major indexes struggled to post intraday gains.

Australia returns from a holiday with the release of Q4 inflation data. The Consumer Price Index is foreseen unchanged at 0.7% YoY while the RBA Trimmed Mean CPI is also expected unchanged from Q4 2020 at 1.2%.

AUD/USD short-term technical outlook

The AUD/USD pair is bullish in the near-term and according to the 4-hour chart. It has managed to recover above its 20 and 100 SMAs, which stand a few pips below the current level. Technical indicators entered positive territory, with the Momentum still advancing but the RSI flat around 56. The pair has room to advance further, with bulls likely taking over once above 0.7770, the immediate resistance level.

Support levels: 0.7725 0.7690 0.7640  

Resistance levels: 0.7770 0.7815 0.7850

View Live Chart for the AUD/USD

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.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD: Bulls target 100-DMA again ahead of Eurozone PMIs

EUR/USD is back on the bid above 1.2000, snapping three straight days of sluggishness. The US dollar has resumed its downtrend, helping the spot to make another attempt towards 1.2050. Eurozone/US PMIs awaited after a non-event ECB.

EUR/USD News

GBP/USD: Looks to UK Retail Sales, PMI to regain 1.3900

GBP/USD stays mildly bid above 1.3850, as the US dollar retreats across the board. Covid vaccine updates and upbeat UK data outweigh renewed Brexit jitters. Focus shifts to the UK Retail Sales and PMIs.

GBP/USD News

Bitcoin price falls below $50K as investors rush to exit crypto markets on Biden's tax proposal

Bitcoin price crashed below $50,000 after an announcement revealed that US President Joe Biden could increase capital gains taxes for the rich. The leading cryptocurrency fell in tandem with the US stock market as fears of a potential tax hike loom.

Read more

Gold sellers attack $1,781 support-confluence

Gold extends Thursday’s losses from two-month top, bounces off intraday low. Downbeat momentum signals further weakness but 100-HMA, eight-day-old support line tests intraday sellers. Bulls need a clear break above $1,798 to regain market acceptance.

Gold News

Forex Today: Taxes scare stocks and cryptos, dollar retreats from highs ahead of PMIs

Stock markets are on the back foot amid concerns of higher US capital tax increases and rising covid cases in Asian countries. Cryptocurrencies are suffering an extended sell-off. PMIs from Europe, the UK and the US stand out. 

Read more

Majors

Cryptocurrencies

Signatures