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AUD/USD Forecast: Turned Bullish In The Near-Term, Needs To Rally Beyond 0.7730

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Valeria Bednarik - Chief Analyst at FXStreet
·1 min read
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AUD/USD Current Price: 0.7700

  • Easing demand for the greenback and rising equities boosted AUD/USD.

  • Australian NAB’s Business Confidence is foreseen at 8 in January.

  • AUD/USD has turned bullish in the near-term, needs to rally beyond 0.7730.

The AUD/USD pair jumped to 0.7714 in the American afternoon, as demand for the greenback receded while US indexes reached all-time highs. However, the pair eased from the mentioned high and battles around the 0.7700 figure, as Wall Street retreated from their highs ahead of the close.

Australia didn’t provide economic data on Monday, but this Tuesday, it will publish NAB’s Business Confidence for January, seen at 8 from 4 in the previous month, and NAB’s Business Conditions for the same month, expected at 11 from 14 in the previous month.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair is bullish in the near-term, as it recovered above its 100 and 200 SMAs in the 4-hour chart, while the 20 SMA gains bullish momentum below the longer ones. Technical indicators have partially lost their strength upward near overbought readings, but keep favoring another leg higher, mainly if the pair managed to advance beyond 0.7730, the immediate resistance level.

Support levels: 0.7675 0.7640 0.7600

Resistance levels: 0.7730 0.7770 0.7810

View Live Chart for the AUD/USD

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