AUD/USD Forecast: Comfortable around 0.7300, bears side-lined
AUD/USD Current Price: 0.7310
- The poor performance of equities and gold undermined the aussie’s bullish potential.
- Australia will publish the November preliminary Commonwealth Bank PMIs this Monday.
- AUD/USD consolidating yearly gains, risk skewed to the upside.
The AUD/USD pair saw little activity for a second consecutive week, confined to a roughly 100 pips’ range. The pair settled around 0.7300, holding on to most of its yearly gains, as the greenback became unattractive due to US political and pandemic jitters, while the aussie was undermined by the poor performance of equities and gold. On a positive note, Australia seems to have the coronavirus under control, and it is in the process of easing restrictive measures.
This Monday, Australia will publish the November preliminary Commonwealth Bank PMIs. Manufacturing activity is expected to remain at 54.2, while services output is expected to have expanded from 53.7 to 53.8.
AUD/USD short-term technical outlook
The risk for the AUD/USD pair is skewed to the upside according to the daily chart, as the pair spent the week developing above all of its moving averages and with technical indicators lacking directional strength but holding into positive territory. In the shorter-term, and according to the 4-hour chart, the pair is neutral-to-bullish as it settled above a flat 20 SMA, while technical indicators are stuck to their midlines without clear directional strength.
Support levels: 0.7250 0.7210 0.7170
Resistance levels: 0.7300 0.7345 0.7380
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.