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AUD/USD Forecast: Holding Within Familiar Levels Without Signs Of What's Next

AUD/USD Forecast: Holding Within Familiar Levels Without Signs Of What's Next

AUD/USD Current Price: 0.7645

  • Australian data was mixed, as NAB’s Business Confidence contracted in March.
  • Bouncing gold prices and US indexes saved the day for the aussie.
  • AUD/USD is a holding within familiar levels without signs of what’s next.

The AUD/USD pair recovered from a daily low at 0.7584 to finish the day a handful of pips below a daily high of 0.7653. The Australian dollar was affected by tepid local data released at the beginning of the day, as March NAB’s Business Confidence came in at 15, down from 18 in the previous month. NAB’s Business Conditions, on the other hand, improved from 17 to 25 in the same period.

Gold prices recovered to settle at fresh weekly highs above $1,745.00 a troy ounce, while US indexes trimmed intraday losses after plummeting ahead of the opening amid news related to the Johnson & Johnson coronavirus vaccine. Early on Wednesday, Australia will publish April Westpac Consumer Confidence, previously at 2.6%.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair keeps trading within familiar levels, offering a neutral-to-bullish near-term stance. In the 4-hour chart, the pair is currently above its 20 and 100 SMAs, which converge around 0.7620, providing dynamic support. The 200 SMA maintains a firmly bearish slope well above the current level. Technical indicators moved into positive territory but partially lost their bullish strength.

 Support levels: 0.7620 0.7575 0.7530  

Resistance levels: 0.7640 0.7690 0.7710  

View Live Chart for the AUD/USD


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Posted-In: FXStreetNews Forex Global Markets

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