AUD/USD Forecast: Needs A Little Push To Reach Fresh Early Highs

AUD/USD Current Price: 0.7196

• The better performance of equities helped the Aussie to recover part of the ground lost.
• Australian August Commonwealth Bank PMIs to be out this Friday.
• AUD/USD is bullish near 0.7200, needs a little push to reach fresh yearly highs.

The AUD/USD pair got to recover some ground by the end of the day, trimming early losses to settle around 0.7190. The recovery was the result of decreasing dollar’s demand and a late rally in Wall Street, which managed to post modest intraday gains. Gold prices also provided positive clues for Aussie, as the bright metal also got to regain some ground. Australia didn’t publish relevant data but will release the preliminary estimates of the August Commonwealth Bank Services PMI early on Friday.

AUD/USD short-term technical outlook

The AUD/USD pair retains its bearish bias in the short-term, but worth noting it stands not far below its yearly high. The 4-hour chart shows that the 20 SMA remains directionless above the current level, while technical indicators hold within negative levels, with neutral-to-bearish slopes. The pair would need to advance beyond 0.7245 to gain enough bullish traction to move towards 0.7300 and beyond before the week comes to an end.

Support levels: 0.7170 0.7135 0.7090

Resistance levels: 0.7245 0.7280 0.7325

View Live Chart for the AUD/USD