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AUD/USD Forecast: Bullish In The Near-Term, Could Rally Beyond 07815

Valeria Bednarik - Chief Analyst at FXStreet
·1-min read

AUD/USD Current Price: 0.7745

  • An improved market’s mood put the greenback under selling pressure.

  • Australian Q4 inflation is foreseen stable and well below RBA’s target.

  • AUD/USD is back bullish in the near-term, could rally beyond 07815.

The AUD/USD pair resumed its advance this Tuesday, reaching 0.7753 and trading nearby as the day comes to an end. The pair surged during European trading hours amid an improvement in the market’s mood, which played against the greenback. The pair retained gains despite the poor performance of Wall Street, as the US three major indexes struggled to post intraday gains.

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Australia returns from a holiday with the release of Q4 inflation data. The Consumer Price Index is foreseen unchanged at 0.7% YoY while the RBA Trimmed Mean CPI is also expected unchanged from Q4 2020 at 1.2%.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair is bullish in the near-term and according to the 4-hour chart. It has managed to recover above its 20 and 100 SMAs, which stand a few pips below the current level. Technical indicators entered positive territory, with the Momentum still advancing but the RSI flat around 56. The pair has room to advance further, with bulls likely taking over once above 0.7770, the immediate resistance level.

Support levels: 0.7725 0.7690 0.7640

Resistance levels: 0.7770 0.7815 0.7850

View Live Chart for the AUD/USD

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