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AUD/USD Forecast: Retains Its Neutral-To-Bullish Stance In The Near-Term

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AUD/USD Forecast: Retains Its Neutral-To-Bullish Stance In The Near-Term

AUD/USD Current Price: 0.7363

  • Australian Construction Work Done contracted by more than expected in Q3.
  • The poor performance of equities limited the upside for the AUD.
  • AUD/USD retains its neutral-to-bullish stance in the near-term.

The AUD/USD pair held around 0.7360 this Wednesday, trapped between the broad greenback´s weakness and the equities’ poor performance. The pair extended its monthly rally by a few pips, reaching 0.7373. Australia published at the beginning of the day Q3 Construction Work Done, which came in at -2.6%, worse than the -2% expected. During the upcoming Asian session, the country will publish Q3 Private Capital Expenditure, foreseen at -1.5%.

AUD/USD Short-Term Technical Outlook

From a technical point of view, the upside remains favored for the AUD/USD pair. The 4-hours chart shows that a bullish 20 SMA continued to provide intraday support, now around 0.7330. Technical indicators remain flat but within positive levels while the 100 and 200 SMAs have accelerated north well below the current level. A steeper advance should be expected on a break above 0.7413, this year’s high.

Support levels: 0.7330 0.7290 0.7250

Resistance levels: 0.7370 0.7415 0.7540

View Live Chart for the AUD/USD

Image sourced from Pixabay

 

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