Currently, AUD/USD is trading at 0.7935, down -0.06% on the day, having posted a daily high at 0.7942 and low at 0.7932.
Dollar drifts lower ahead of Jackson Hole conference - ANZ
AUD/USD has been lifted by metal prices on the rise, specifically in iron ore's 2.6% gains overnight. The dollar was also pressured overnight, with the US dollar index is down -0.3% on the day.
AUD/NZD: iron ore giving Aussie bulls green light - Westpac
For the day ahead, analysts at Westpac argued that positive momentum could take the AUD above 0.7960 today if the USD remains depressed.
AUD/USD 1-3 month:
"If the RBA remains firmly on hold, as we expect, and the US dollar rises on tighter Fed policy, then AUD/USD could fall to 0.76 by year-end," explained the analysts in a longer-term outlook.
AUD/USD levels
Valeria Bednarik, chief analyst at FXStreet explained that the technical picture, according to the 4 hours chart, is modestly bullish, as the price is above a bullish 20 SMA, whilst the Momentum indicator turned flat right above its 100 level. "This month high stands at 0.7962, being the level to surpass to confirm an upward extension towards 0.8000 and beyond during the upcoming sessions," Valeria added.
Meanwhile, analysts at Commerzbank explained that AUD/USD’s recovery from above the three-month support line at .7821 is taking it towards last week’s high at .7963 and the July 20 high at 0.7991. "While the .7980/91 July 20 and August 4 highs cap, another down leg could soon be made. Below the .7814/08 current August low and support line lies good support at 0.7755/41. It is where the February and March highs meet the 55-day moving average," the analysts at Commerzbank explained.
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