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AUD/USD Forecast: Turned Bullish In The Near-Term And Could Keep Rallying In The Upcoming Sessions

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

AUD/USD Current Price: 0.7727

  • Australian Westpac Consumer Confidence printed at 6.2% in April up from 2.6% previously.

  • Australia to publish March employment data, with 35K new jobs expected to have been added.

  • AUD/USD turned bullish in the near-term and could keep rallying in the upcoming sessions.

Commodity-linked currencies outperformed their European rivals against the greenback, with AUD/USD rallying to 0.7737, a fresh April high. Crude oil prices were the initial trigger, as WTI jumped to above $ 63.00 a barrel following an encouraging EIA report, which showed a third straight week of crude draw. The headline spurred risk appetite, sending US indexes to unexplored territory.

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Australian data was supportive of the local currency as April Westpac Consumer Confidence printed at 6.2%, up from 2.6% in the previous month. This Thursday, the country will publish April Consumer Inflation Expectations, previously at 4.1%, and March employment figures. The country is expected to have added 35K new jobs in the month, while the unemployment rate is seen down to 5.7%.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair holds on to gains trading near the mentioned high, facing the next resistance at 0.7770. Once above the level, the path opens for a steeper advance. The 4-hour chart shows that the pair has sharply advanced beyond its 200 SMA for the first time in almost a month, while the 20 SMA slowly gains bullish traction well below the longer one. Technical indicators eased just modestly from intraday highs, holding near overbought readings, a sign of prevalent buying interest.

Support levels: 0.7710 0.7690 0.7640

Resistance levels: 0.7770 0.7820 0.7860

View Live Chart for the AUD/USD

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