AUD/USD Forecast: Bullish case supported by firmer gold
Premium|
Take advantage of 50% OFF on your first month.
Start your subscription and get access to all our original articles.
You have reached your limit of 5 free articles for this month.
Get all exclusive analysis, access our analysis and get Gold and signals alerts
Elevate your trading Journey.
UPGRADEAUD/USD Current Price: 0.7240
- Australian housing data beat expectations in August, providing support to AUD/USD.
- The market sold-off the greenback on renewed hopes for a US coronavirus aid package.
- AUD/USD is trading at fresh 2-week highs and technically bullish.
The Aussie benefited from risk appetite on Friday, with AUD/USD ending a second consecutive week with gains at 0.7240. Hopes for a US coronavirus stimulus package boosted equities, which in turn, underpinned the commodity-linked currency. Soaring gold prices provided additional support, as the bright metal closed the week around $1,930 a troy ounce, a level last seen on September 21.
Australian data released at the end of the week was upbeat, as Home Loans were up 13.6% in August, while Investment Lending for Hokes was up 9.2% in the same month. The country won’t release macroeconomic data this Monday.
AUD/USD short-term technical outlook
The AUD/USD pair is offering a bullish stance in its daily chart, as technical indicators are crossing their midlines into positive territory, while the pair settled above all of its moving averages, although the 20 DMA maintains a bearish slope. In the 4-hour chart, the bullish potential is stronger, as the pair settled above all of its moving averages, while technical indicators stand within overbought readings, barely losing its strength upwards.
Support levels: 0.7210 0.7170 0.7130
Resistance levels: 0.7250 0.7290 0.7330
View Live Chart for the AUD/USD
AUD/USD Current Price: 0.7240
- Australian housing data beat expectations in August, providing support to AUD/USD.
- The market sold-off the greenback on renewed hopes for a US coronavirus aid package.
- AUD/USD is trading at fresh 2-week highs and technically bullish.
The Aussie benefited from risk appetite on Friday, with AUD/USD ending a second consecutive week with gains at 0.7240. Hopes for a US coronavirus stimulus package boosted equities, which in turn, underpinned the commodity-linked currency. Soaring gold prices provided additional support, as the bright metal closed the week around $1,930 a troy ounce, a level last seen on September 21.
Australian data released at the end of the week was upbeat, as Home Loans were up 13.6% in August, while Investment Lending for Hokes was up 9.2% in the same month. The country won’t release macroeconomic data this Monday.
AUD/USD short-term technical outlook
The AUD/USD pair is offering a bullish stance in its daily chart, as technical indicators are crossing their midlines into positive territory, while the pair settled above all of its moving averages, although the 20 DMA maintains a bearish slope. In the 4-hour chart, the bullish potential is stronger, as the pair settled above all of its moving averages, while technical indicators stand within overbought readings, barely losing its strength upwards.
Support levels: 0.7210 0.7170 0.7130
Resistance levels: 0.7250 0.7290 0.7330
View Live Chart for the AUD/USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.