AUD/USD Forecast: Trades At Fresh Three-Year Highs Without Signs Of Bullish Exhaustion

AUD/USD Current Price: 0.7928

• Resurgent commodities’ prices provided support to the aussie.
• AUD/USD trades at fresh three-year highs without signs of bullish exhaustion.

The Australian dollar is among the best performers, trading against its American rival in the 0.7920 area, its highest in three years. The aussie’s positive momentum was backed by resurgent commodities’ prices, with gold recovering well above the 1,800 level. Wall Street also provided support, with the DJIA trimming its latest losses and nearing record highs. Data wise, the Australian macroeconomic calendar will remain empty until next Wednesday, when the country will publish the Q4 Wage Price Index.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair is pressuring its daily high ahead of the Asian opening, overbought, but without signs of bullish exhaustion. The pair is up for a third consecutive day and the 4-hour chart shows that technical indicators are trying to resume their advances, despite being at extreme levels. The 20 SMA heads sharply higher in the 0.7820 area, while the 100 and 200 SMA lack directional strength, developing some 200 pips below the current level. The immediate support is 0.7915, March 2018 monthly high.

Support levels: 0.7915 0.7870 0.7840

Resistance levels: 0.7930 0.7965 0.8000

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