AUD/USD Forecast: Bounced From A Fresh 2021 Low At 0.7531, Upside Still Limited

AUD/USD Current Price: 0.7616

• Australian trade surplus resulted at 7526 million, missing the expected 9700 million.
• Manufacturing output in Australia held within expansion levels in March.
• AUD/USD bounced from a fresh 2021 low at 0.7531, upside still limited.

The AUD/USD pair plummeted to 0.7531, its lowest since last December, but trimmed losses and managed to post a modest daily advance. The Australian currency moved alongside equities, as Asian indexes closed in the red, but European and American ones advanced, the latter on the back of encouraging US data.

Australia published the March AIG Performance of Manufacturing Index, which printed at 59.9, better than the previous 58.8. The Commonwealth Bank Manufacturing PMI for the same month printed at 56.8 from 56.9 in February. The country also published the February Trade Balance, which resulted at 7526 million, missing the expected 9700 million, as exports were down 1% while imports increased 5%.

AUD/USD short-term technical outlook

The AUD/USD pair holds near its daily highs, trading in the 0.7610 price zone. However, chances of further advances seem limited. In the 4-hour chart, the pair is trading around a directionless 20 SMA, while technical indicators advance within neutral levels, with the RSI already losing momentum. The pair could extend its advance on a clear break above 0.7620, the immediate resistance level.

Support levels: 0.7560 0.7515 0.7470

Resistance levels: 0.7620 0.7665 0.7710  

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