AUD/USD Forecast: Hovers Around 0.7690 With A Limited Bullish Potential

AUD/USD Current Price: 0.7692

• Australia will publish January Westpac Consumer Confidence, previously at 4.1%.
• Risk appetite gave up ahead of Wall Street’s close, providing support to USD.
• AUD/USD hovers around 0.7690 with a limited bullish potential.

The AUD/USD pair peaked at 0.7724 this Tuesday, retreating towards the 0.7690 price zone during the American afternoon, where it stands heading into the Asian opening. The pair traded on sentiment, easing at the end of the day as Wall Street eased from its intraday highs. So far this week, the pair has been incapable of attracting speculative interest but remains comfortable near multi-year highs.

Australia published at the beginning of the day December HIA New Home Sales, which improved to 32.5% MoM from 15.2% in the previous month. This Wednesday, the country will publish January Westpac Consumer Confidence, previously at 4.1%.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair is little changed daily basis, with a limited bullish potential according to the 4-hour chart. The 20 SMA keeps declining and approaching the 100 SMA, both above the current level. Technical indicators remain within negative levels with uneven directional strength, still maintaining the risk skewed to the downside.

Support levels: 0.7655 0.7620 0.7580

Resistance levels: 0.7720 0.7770 0.7815

View Live Chart for the AUD/USD