AUD/USD Forecast: Turned Marginally Positive, Could Advance Further

AUD/USD Current Price: 0.7713

• Upbeat Australian and equities’ advancing provided support to the aussie.
• RBA Governor Philip Lowe is due to speak on the economic recovery and the monetary policy.
• AUD/USD has turned marginally positive, could advance further.

The AUD/USD pair advanced this Tuesday, helped by a weaker greenback and the positive tone of Wall Street. US indexes advanced, with the Nasdaq up over 4% intraday. Upbeat Australian data released at the beginning of the day provided additional support to the aussie. The February NAB’s Business Confidence came in at 16 above the previous 10, while NAB’s Business Conditions improved from 7 in January to 10.

This Wednesday, RBA’s Governor Philip Lowe will discuss the recovery, investment and monetary policy at the Australian Financial Review Business Summit in Sydney. Australia will publish March Westpac Consumer Confidence, foreseen at 1.8% from 1.9% previously. China will publish February inflation figures.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair is above 0.7700 heading into the Asian opening, modestly bullish. In the 4-hour chart, the pair has advanced above a bearish 20 SMA but remains below the longer ones, which lack directional strength. The Momentum indicator advances above its midline, while the RSI remains flat at around 49, reflecting limited buying interest.

Support levels: 0.7650 0.7610 0.7575

Resistance levels: 0.7730 0.7770 0.7810

View Live Chart for the AUD/USD