Market Overview

AUD/USD Forecast: Trades At Daily Highs With A Modest Bullish Stance

AUD/USD Forecast: Trades At Daily Highs With A Modest Bullish Stance

AUD/USD Current Price: 0.7191

  • The Aussie remained resilient to the intraday dollar’s demand.
  • Australia will publish Q2 Construction Work Done this Wednesday.
  • AUD/USD trades at daily highs with a modest bullish stance.

The AUD/USD pair is trading near a daily high of 0.7195, higher in range on this second day of the week. The Aussie refused to give up despite an increase in the dollar’s demand during US trading hours, which anyway decreased ahead of the US close. The lack of data coming from Australia is keeping the pair inside a well-limited range ever since the week started. This Wednesday, however, the country will publish the Q2 Construction Work Done,  foreseen at -5.8% from -1% in the first quarter of the year.

AUD/USD short-term technical outlook

The AUD/USD pair is mildly bullish in the short-term, as the 4-hour chat shows that the pair is holding at daily highs, and above all of its moving averages. In the mentioned time-frame, technical indicators head higher right above their midlines with the bullish potential limited. A relevant high at 0.7215 provides immediate resistance, with the bullish case probably becoming stronger once above it.

Support levels: 0.7135 0.7090 0.7050

Resistance levels: 0.7215 0.7250 0.7290

View Live Chart for the AUD/USD


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Posted-In: AUD/USD FXStreetNews Forex Markets

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