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AUD/USD Forecast: Neutral In The Near-Term, Dips Are Seen As Buying Opportunities

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Valeria Bednarik - Chief Analyst at FXStreet
·1 min read
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AUD/USD Current Price: 0.7764

  • Mixed Australian employment figures failed to spur aussie demand.

  • Australian Commonwealth PMIs are expected to have improved in February.

  • AUD/USD is neutral in the near-term, dips are seen as buying opportunities.

The AUD/USD pair peaked on Thursday at 0.7789, despite mixed Australian data, and on the back of the receding dollar’s demand. The pair fell in the American session undermined by the sour tone of US indexes, which posted substantial losses. Earlier in the day, the monthly Australian employment report showed that the country added 29.1K new jobs in January vs 50K expected, although the unemployment rate contracted from 6.6% to 6.4%.

Early on Friday, Australia will release the preliminary estimates of the Commonwealth Bank PMIs. Services output is foreseen improving from 55.6 to 55.8 while manufacturing activity is expected to tick higher from 57.2 to 57.3. The country will also publish the preliminary estimate of January Retail Sales, seen up 2%.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair fell intraday to 0.7730, but given the greenback’s weakness, the pair got to bounce from the mentioned low to the current 0.7760 price zone, where it stands as the day comes to an end. The near-term picture is neutral, given that, in the 4-hour chart, the pair is struggling around a directionless 20 SMA while above the longer ones. Technical indicators, however, around their midlines without clear directional strength.

Support levels: 0.7710 0.7675 0.7630

Resistance levels: 0.7770 0.7815 0.7850

View Live Chart for the AUD/USD

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