AUD/USD Forecast: Room to run past 0.7700

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7619

Financial markets moving on sentiment, aussie resilient to risk-off.
AUD/USD maintains its bullish stance after correcting overbought conditions.

The AUD/USD pair held on to most of its weekly gains and closed at 0.7620, not far from its year’s high at 0.7639. On Friday, the aussie fell to 0.7582, as the greenback found some temporal demand during Asian trading hours. The pair recovered as investors resumed selling the American currency ahead of the weekly close. Australia didn’t publish relevant macroeconomic data on Friday but continued to find support in upbeat employment figures released earlier in the week.

AUD/USD short-term technical outlook

The AUD/USD pair is technically bullish, according to the daily chart, despite overbought. The Momentum indicator heads firmly higher as the RSI indicator hovers around 78. Moving averages head higher below the current level, with the 20 SMA providing dynamic support at around 0.7450. In the 4-hour chart, the pair bounced from a bullish 20 SMA while technical indicators resumed their advances after correcting overbought conditions, in line with further gains ahead.

Support levels: 0.7610 0.7565 0.7620

Resistance levels: 0.7640 0.7675 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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