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AUD/USD Forecast: Needs To Surpass The 0.7820 Resistance To Attract Bulls

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AUD/USD Forecast: Needs To Surpass The 0.7820 Resistance To Attract Bulls

AUD/USD Current Price: 0.7749

  • Easing government bond yields and positive developments in Wall Street underpinned the pair.
  • The Australian macroeconomic calendar will remain empty until next Wednesday.
  • AUD/USD needs to surpass the 0.7820 resistance to attract bulls.

The AUD/USD pair trades around 0.7750, modestly up when compared to Friday’s close. The pair traded as low as 0.7704 at the beginning of the day amid a dismal market mood. However, higher equities and lower US government bond yield put pressure on the greenback, resulting in the pair recovering some ground. The Australian macroeconomic calendar will remain empty until next Wednesday, when the country will publish the preliminary estimate of the March Commonwealth Bank PMIs.

AUD/USD Short-Term Technical Outlook

The AUD/USD has a limited bullish potential, as it would need to advance beyond 0.7820 to attract more buyers. The 4-hour chart shows that the price is stuck within directionless and converging moving averages. The Momentum indicator advances within negative levels while the RSI has lost bullish strength, now flat at around 51. The risk will turn to the downside on a break below 0.7690, a relevant static support level.

Support levels: 0.7730 0.7690 0.7650  

Resistance levels: 0.7820 0.7855 0.7900

View Live Chart for the AUD/USD

 

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Posted-In: FXStreetNews Forex Global Markets

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