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AUD/USD Forecast: Needs To Advance Above 0.7820 To Accelerate Its Advance

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AUD/USD Forecast: Needs To Advance Above 0.7820 To Accelerate Its Advance

AUD/USD Current Price: 0.7804

  • Cooper prices jumped to a decade high amid supply disruption concerns.
  • The Australian macroeconomic calendar will remain empty until next Wednesday.
  • AUD/USD needs to advance above 0.7820 to accelerate its advance.

The AUD/USD pair surged to 0.7814, holding on to gains as the American session comes to an end. Commodity-linked currencies were the best performers against the greenback this Monday, and the main catalyst seems to be a sharp advance in cooper prices, as the metal soared to its highest in over 10 years, amid soaring concerns of supply disruption. Gold prices were of little help, as the bright metal ends the day pretty much unchanged, around $ 1,780.00 a troy ounce.

Australia celebrated ANZAC day, which means it didn’t publish relevant macroeconomic data. The country’s calendar will remain empty until next Wednesday when it will publish Q1 inflation figures.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair trades around 0.7800 and could extend its gains if it breaks above 0.7820, the immediate resistance level. The 4-hour chart shows that the pair has advanced well above its 20 SMA, this last gaining upward strength above the longer ones. Technical indicators have turned flat after reaching overbought readings, but there are no signs of bullish exhaustion.

Support levels: 0.7770 0.7730 0.7690

Resistance levels: 0.7820 0.7850 0.7890

View Live Chart for the AUD/USD

Image Sourced from Pixabay

 

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Posted-In: AUD/USD Australia FXStreetEarnings News Global Markets General

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