AUD/USD Forecast: Room to advance beyond 0.7640

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7612

US indexes soared at the opening, trimming gains ahead of the close.
The Australian macroeconomic calendar will remain empty for the rest of the week.
AUD/USD may reach a fresh year high beyond the current 0.7639.

The Australian dollar keeps consolidating against its American rival near the year high, advancing on Tuesday to 0.7624. The greenback came under selling pressure in a risk-on scenario, with Wall Street soaring to record highs. The pair holds above the 0.7600 area by the end of the American session, despite equities lost momentum and turned red. The Australian macroeconomic calendar will remain empty throughout the week.

AUD/USD short-term technical outlook

The AUD/USD pair has room to extend its gains beyond this year’s high at 0.7639, although current market conditions may delay the breakout. Technically and according to the 4-hour chart, the pair is neutral-to-bullish, as per developing above bullish moving averages. Technical indicators hold within positive levels but lack directional strength.

Support levels: 0.7590 0.7540 0.7495

Resistance levels: 0.7640 0.7680 0.7710

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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