AUD/USD Forecast: Could Extend Its Advance But Needs To Firm Up Above 0.7810

AUD/USD Current Price: 0.7785

• Australian March Consumer Inflation Expectations were up 4.1%, beating expectations.
• Wall Street flirted with all-time highs, maintaining aussie on the bullish side.
• AUD/USD could extend its advance but needs to firm up above 0.7810.

The AUD/USD pair peaked at 0.7790 and is about to end the day a few pips below the level. As it happened on Wednesday, the American currency was pressured by weakening Treasury yields, while its Australian rival found support in the substantial advance of Wall Street. Spot gold rose to $ 1,739.82 intraday but trimmed gains ahead of the close, anyway providing mild-support.

Earlier on Thursday, Australia published March Consumer Inflation Expectations, which were up 4.1%, better than the 3.7% previous and the 3.5% expected. The country won’t publish relevant data on Friday.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair is poised to extend its advance in the near-term. The 4-hour chart shows that it met intraday buyers around a flat 200 SMA, now trading a few pips below an also directionless 100 SMA. The 20 SMA gains bullish momentum below the current level, while technical indicators maintain their upward slopes within positive levels. The pair needs to firm up beyond 0.7810 to gain bullish traction heading into the weekend.

Support levels: 0.7730 0.7690 0.7650  

Resistance levels: 0.7810 0.7845 0.7890

View Live Chart for the AUD/USD