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

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsForexGlobalMarketsFXStreet
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!