AUD/USD Forecast: Resuming its bullish trend

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7763

The greenback accelerated its decline as Wall Street recovered ahead of the close.
AUD/USD keeps recovering, steeper advance likely once above 0.7770.

The AUD/USD pair recovered towards the 0.7760 price zone, as the dollar came under selling pressure on Wall Street’s gains. The aussie was on the winning side for most of the day, as the market’s mood improved, although a certain caution prevailed. The greenback was pressured by rising US Treasury yields, while the positive tone of equities provided a late boost. The Australian macroeconomic calendar has nothing to offer these days.

AUD/USD short-term technical outlook

The AUD/USD pair is slowly recovering ground and its bullish stance. In the 4-hour chart, it has recovered above its 20 SMA, which remains flat. The longer moving averages maintain their bullish stance below the current level. Technical indicators advance, the RSI around 55 and the Momentum still below its midline, anyway favoring additional gains, mainly on an advance beyond 0.7770 the immediate resistance.

Support levels: 0.7670 0.7620 0.7580

Resistance levels: 0.7720 0.7770 0.7815

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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