AUD/USD Forecast: Needs To Surpass 0.7639 To Turn Bullish

AUD/USD Current Price: 0.7574

• The Australian macroeconomic calendar has nothing to offer this week.
• Softer gold prices undermined the demand for the aussie.
• AUD/USD is neutral in the near-term, needs to surpass 0.7639 to turn bullish.

The AUD/USD pair edged lower on Monday, falling to an intraday low of 0.7556 to finally settle at around 0.7570. The pair approached its year’s high, peaking at 0.7622 at the beginning of the day, but was unable to retain gains, despite a generally positive mood and gains around global equities. In general, markets were choppy amid the winter holidays in the northern hemisphere, and the lack of relevant macroeconomic data in the last trading week of the year.

The Australian dollar was weighed by gold prices, as the commodity trimmed intraday gains on the back of risk appetite. Australia won’t publish macroeconomic data this week

AUD/USD short-term technical outlook

The AUD/USD pair is technically neutral in the near-term while retaining its long-term bullish potential. The 4-hour chart shows that the pair is hovering around its 20 SMA, while the longer moving averages head firmly higher below it. Technical indicators retraced from intraday highs but pared their slides around their midlines. The pair may resume its advance once above 0.7639, this year’s high.

Support levels: 07540 0.7495 0.7450

Resistance levels: 0.7600 0.7640 0.7680

View Live Chart for the AUD/USD