AUD/USD Forecast: Neutral-To-Bullish As Long As It Holds Above 0.6250
AUD/USD Current Price: 0.6322
Australia released an upbeat preliminary estimate of March Retail Sales.
Commonwealth Bank PMI and preliminary trade figures to be out this Thursday.
AUD/USD neutral-to-bullish as long as it holds above 0.6250.
The AUD/USD pair is marginally higher daily basis, trading ahead of the Asian opening in the 0.6320 price zone. The pair peaked at 0.6352 as Australia published a preliminary estimate of March Retail Sales, which rose 8.2% MoM, much better than the previous 0.5%. The Australian Bureau of Statistics decided to release preliminary estimates to provide a better picture of how the economy is performing through the pandemic.
Early Thursday, the country will unveil a preliminary estimate of the Trade Balance. It will also be the turn of preliminary estimates of the April Commonwealth Bank PMI, expected to have contracted further.
AUD/USD Short-Term Technical Outlook
The AUD/USD pair has posted a higher low and a higher high daily basis, usually a sign of further gains ahead. Nevertheless, the 4-hour chart shows that the pair is unable to advance beyond a mild-bearish 20 SMA, while holds above its 100 and 200 SMA. Technical indicators, in the meantime, remain within neutral levels, without directional strength.
Support levels: 0.6295 0.6250 0.6210
Resistance levels: 0.6330 0.6375 0.6400
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