Market Overview

AUD/USD Forecast: Keeps Trading Above 0.7100 But Needs To Advance Beyond The Weekly High

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AUD/USD Forecast: Keeps Trading Above 0.7100 But Needs To Advance Beyond The Weekly High

AUD/USD Current Price: 0.7117

  • The Aussie was unable to take advantage of the greenback, despite Wall Street’s advance.
  • Gold eased amid optimism about a US Trade deal, weighing on the commodity-linked currency.
  • AUD/USD keeps trading above 0.7100 but needs to advance beyond the weekly high.

The AUD/USD pair is ending the day as it started a few pips above the 0.7100 threshold. The Aussie traded with a soft tone during Asian trading hours, although the better performance of equities in the European and American sessions helped the pair to trim intraday losses. On a down note, gold eased towards $1,895 a troy ounce, limiting the bullish potential of the pair.

Australia didn’t publish macroeconomic data on Thursday, but the country will unveil the October Commonwealth Bank Manufacturing PMI, foreseen at 55.5 from 55.4 in the previous month, and the Services PMI seen contracting to 50.3 from 50.8 in August.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair is neutral-to-bullish in the near-term. The 4-hour chart shows that the pair continues developing above a flat 20 SMA yet below an also directionless 100 SMA. Technical indicators hold within positive levels, The Momentum advancing yet the RSI is stable around 54, reflecting limited buying interest despite the weaker greenback. The pair would have better chances of extending its recovery on a break above 0.7135, the weekly high.

Support levels: 0.7110 0.7065 0.7020

Resistance levels: 0.7135 0.7170 0.7210

View Live Chart for the AUD/USD

Image sourced from Pixabay

 

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Posted-In: AUD/USD FXStreetNews Global Markets