AUD/USD Current Price: 0.7914
- Risk-related sentiment saw AUD/USD swing between a 140 pips range.
- Australian macroeconomic data keeps surpassing the market’s expectations.
- AUD/USD is in a corrective decline, further slides expected once below 0.7865.
The AUD/USD pair hit 0.8006, a three-year high, retreating afterwards to plummet alongside Wall Street to 0.7872. The pair started the day with a strong footing as risk appetite weighed on the greenback, but the latter got an unexpected boost from a Treasury auction which sent yields to fresh highs and equities into the deep red.
Earlier in the day, Australia published Q4 Private Capital Expenditure, which resulted at 3%, much better than the previous -3% and largely above the 0% expected. This Friday, the country will release January Private Sector Credit.
AUD/USD Short-Term Technical Outlook
The AUD/USD pair is currently trading in the 0.7910 price zone, and the near-term picture suggests the decline may continue heading into the weekend. The 4-hour chart shows that the pair is below its 20 SMA while technical indicators extend their declines, entering negative levels. A steeper decline is to be expected on a break below 0.7865, the immediate support level.
Support levels: 0.7865 0.7820 0.7770
Resistance levels: 0.7920 0.7965 0.8005
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.