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AUD/USD Forecast: Gaining Bullish Traction But Remains Below A Critical Resistance

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AUD/USD Forecast: Gaining Bullish Traction But Remains Below A Critical Resistance

AUD/USD Current Price: 0.7747

  • Australian February Consumer Inflation Expectations improved from 3.4% to 3.7%.
  • Wall Street turned south mid-US session, indexes closed mixed.
  • AUD/USD is gaining bullish traction but remains below a critical resistance.

The AUD/USD pair reached 0.7771 its highest in almost three weeks, underpinned by a positive mood that extended into the US session opening and encouraging Australian data. The country published February Consumer Inflation Expectations, which improved from 3.4% to 3.7%, beating the market’s forecast. Asian and European markets advanced just modestly, but American indexes ended the day mixed.

The poor performance of US indexes gave the greenback a breath ahead of the daily close. The Australian macroeconomic calendar will remain empty this Friday.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair is hovering around 0.7750, retaining part of its intraday gains. The risk is skewed to the upside, with further gains likely on a break above the 0.7770 resistance level. Technical readings in the 4-hour chart favor such advance, as the pair keeps developing above a bullish 20 SMA, which advances beyond the larger ones. Technical indicators remain within positive levels but lack directional strength.

Support levels: 0.7710 0.7675 0.7640  

Resistance levels: 0.7770 0.7815 0.7850

View Live Chart for the AUD/USD

 

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Posted-In: FXStreetNews Forex Global Markets

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