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AUD/USD Forecast: Recovery Stalled Around 0.6400, Short-Term Bullish

AUD/USD Forecast: Recovery Stalled Around 0.6400, Short-Term Bullish

AUD/USD Current Price: 0.6385

  • Australian data mixed, economic contraction not as bad as in other regions.
  • Gold prices resumed their advances and reached $1,730.00 a troy ounce.
  • AUD/USD recovery stalled around 0.6400, short-term bullish.

The AUD/USD pair is up for a second consecutive day, trading near a daily high of 0.6405. Data coming from Australia this Thursday was mixed, as the Commonwealth Bank PMIs missed the market’s expectations, but good news came from the trade front. The manufacturing PMI contracted in April to 45.6, according to preliminary estimates, while the services index fell to 22.4. March exports, on the other hand, soared 29%, while imports increased by 10% according to a preliminary estimate. The Aussie found additional support in gold prices as the bright metal rose to $1,730.00 a troy ounce. The country won’t release any macroeconomic data this Friday.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair is holding on to most of its intraday gains, and the risk is skewed to the upside, at least in the short-term. The 4-hour chart shows that it is now holding above all of its moving averages, which anyway lack enough directional strength. The Momentum indicator maintains its bullish slope within positive levels, although the RSI turned flat at around 61.

Support levels: 0.6350 0.6315 0.6275

Resistance levels: 0.6405 0.6440 0.6480

Image sourced from Pixabay


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Posted-In: EUR/USD FXStreetNews Emerging Markets Global Economics Markets General

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