AUD/USD Forecast: Retains Its Positive Stance, Trading At Its Highest In Over A Month

AUD/USD Current Price: 0.6498

• Australian RBA trimmed CPI foreseen stable in the first quarter of the year.
• AUD/USD retains its positive stance, trading at its highest in over a month.

Commodity-linked currencies were the best performers against the greenback, despite the sour tone of oil and gold prices. The AUD/USD pair has steadily advanced to reach a daily high of 0.6513, its highest since March 11, supported through the first half of the day by rallying stocks and extending its advance during US trading hours amid commodities trimming early losses.  

Australia didn’t release macroeconomic data, but the country is set to publish during the upcoming Asian session, its latest quarterly inflation figures. Inflation is seen at 0.2% in the first quarter of 2020, down from 0.7%. When compared to the first quarter of 2019, CPI is seen at 2.0% from 1.8%. The RBA Trimmed Mean CPI is seen at 0.4% and 1.6% respectively, unchanged from the previous quarter.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair is trading around the 0.6500 level, holding near its daily high. Given that it has spent most of the US session consolidating, the 4-hour chart offers a neutral-to-bullish stance. In the mentioned time-frame, it continues to develop above all of its moving averages, with the 20 and 100 SMA extending their advances. Technical indicators have turned flat, the Momentum within positive levels and the RSI at around 71. Overall, the risk remains skewed to the upside as long as the pair holds above the former April high at 0.6444.

Support levels: 0.6445 0.6405 0.6370

Resistance levels: 0.6510 0.6545 0.6580

Image sourced from Pixabay