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AUD/USD Forecast: Bounced From Fresh Monthly Lows, But Bulls Unconvinced

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AUD/USD Forecast: Bounced From Fresh Monthly Lows, But Bulls Unconvinced

AUD/USD Current Price: 0.7693

  • The Australian dollar is trading alongside equities, ignoring local data.
  • AUD/USD bounced from fresh monthly lows, but bulls unconvinced.

The AUD/USD pair reverted an intraday slump to 0.7591, a fresh monthly low, to close the day with gains just below the 0.7700 threshold. The pair was pressured by the dismal market mood that ruled the Asian and European sessions, later changing course with Wall Street’s comeback.

Data wise, Australia had little to offer this Thursday. The Import Price Index came in at -1% in Q4, while the Export Price Index resulted in 5.5%. The country will release the Q4 Producer Price Index early on Friday.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair has a limited bullish potential, according to intraday technical readings. The 4-hour chart shows that the advance is being capped by a bearish 20 SMA, which remains below a flat 100 SMA. The RSI indicator has bounced from oversold readings but remains below its midline, losing its bullish strength, while the Momentum indicator already turned lower after failing to overcome its midline.

Support levels: 0.7640  0.7605 0.7570

Resistance levels: 0.7770 0.7815 0.7850

View Live Chart for the AUD/USD

 

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Posted-In: AUD/USD FXStreetNews Forex Global Markets

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