AUD/USD Forecast: Bulls ready to retake the 0.7200 threshold

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.7186

Australian macroeconomic data was slightly better than anticipated.
Rallying Wall Street provided support to the Aussie during US trading hours.
AUD/USD topped at 0.7220, renewed buying interest could see it reaching 0.7300.

The AUD/USD pair trades around 0.7180, up for the day as the positive tone of Wall Street provided support to the pair in the final trading session of Wednesday. The pair peaked at the beginning of the day at 0.7221, its highest in three weeks, amid the broad dollar’s weakness in the heat of the US presidential election. Data coming from Australia passed unnoticed, although it was encouraging as the October AIG Performance of Construction Index came in at 52.7 from 45.2 in the previous month. Also, September Retail Sales were upwardly revised from -1.5% to -1.1%. Australia will publish the September Trade Balance this Thursday, previously at 5114M.

AUD/USD short-term technical outlook

The AUD/USD pair is up for a third consecutive day and poised to extend its gains according to intraday technical readings. The 4-hour chart shows that the pair is above all of its moving averages, with the 20 SMA heading firmly higher, although below the larger ones. Technical indicators are retreating just modestly from overbought readings, reflecting the absence of volumes at this time of the day rather than suggesting an upcoming decline.

Support levels:0.7125 0.6990 0.6950

Resistance levels: 0.7220 0.7265 0.7300

View Live Chart for the AUD/USD

Premium

You have reached your limit of 3 free articles for this month.

Start your subscription and get access to all our original articles.

Subscribe to Premium Sign In

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD softens to near 1.3600 as BoE hints further rate cuts

The GBP/USD pair loses ground to near 1.3610 during the early Asian session on Monday. The Pound Sterling softens against the Greenback amid growing expectations of the Bank of England’s interest-rate cut. Traders will take more cues from the Fedspeak later on Monday.

Gold eyes acceptance above $5,000, kicking off a big week

Gold is consolidating the latest uptick at around the $5,000 mark, with buyers gathering pace for a sustained uptrend as a critical week kicks off. All eyes remain on the delayed Nonfarm Payrolls and Consumer Price Index data from the United States due on Wednesday and Friday, respectively.

Top Crypto Gainers: Aster, Decred, and Kaspa rise as selling pressure wanes

Altcoins such as Aster, Decred, and Kaspa are leading the broader cryptocurrency market recovery over the last 24 hours, as Bitcoin holds above $70,000 on Monday, up from the $60,000 dip on Thursday.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.