AUD/USD Forecast: Nearing The Multi-Year High Set Last January At 0.7819

AUD/USD Current Price: 0.7784

• The Bank of Australia will publish the Minutes of its February meeting.
• AUD/USD is nearing the multi-year high set last January at 0.7819.

The AUD/USD pair maintained its bullish stance, reaching a fresh one-month high of 0.7788. The broad greenback’s weakness led the way higher for the pair, as either the US nor Australia published macroeconomic data. Early on Tuesday, the Reserve Bank of Australia will publish the Minutes of its February meeting. Details on how and why policymakers decided to extend QE may imprint some action to the pair. Worth noting that Chinese markets will remain closed amid New Year holidays.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair trades in the 0.7780 price zone, consolidating gains in a dull US afternoon. Technical indicators in the 4-hour chart turned south within positive levels, reflecting the absence of volumes instead of suggesting bullish exhaustion. In the same time-frame, the pair keeps developing above all of its moving averages, supporting a bullish extension. The pair reached a multi-year high of 0.7819 in January and seems poised to break above it.

Support levels: 0.7750 0.7710 0.7675

Resistance levels: 0.7815 0.7850 0.7885

View Live Chart for the AUD/USD