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AUD/USD Daily Forecast – The Major Support Level At 0.7600 Stays Strong

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Vladimir Zernov
·2-min read
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AUD/USD Video 13.04.21.

U.S. Dollar Gains Ground Against Australian Dollar

AUD/USD continues to test the major support level at 0.7600 while the U.S. dollar gains some ground against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle above the resistance at the 20 EMA at 92.30 but failed to develop sufficient upside momentum and pulled back towards the support at 92.15. If the U.S. Dollar Index declines below this support level, it will move closer to the next support at the 92 level which will be bullish for AUD/USD.

Today, Australia reported that Business Confidence declined from 18 in February (revised from 16) to 15 in March compared to analyst forecast of 18. The report put some pressure on the Australian currency.

Foreign exchange market traders will soon have a chance to take a look at the latest inflation data from the U.S. Analysts expect that Inflation Rate grew by 2.5% year-over-year in March. Core Inflation Rate is projected to grow by 1.5% year-over-year.

Inflation reports may have a material impact on the dynamics of the U.S. dollar on the foreign exchange market. If inflation is higher than expected, Treasury yields will move higher which will be bullish for the American currency.

Technical Analysis

AUD/USD failed to settle above the resistance at 0.7635 and declined back to the key support level at 0.7600. This is a very important support level which has been tested many times in recent trading sessions.

If AUD/USD manages to settle below the support at 0.7600, it will likely gain significant downside momentum and quickly get to the test of the next support at 0.7575. A successful test of the support at 0.7575 will push AUD/USD towards the next support at 0.7535.

On the upside, AUD/USD needs to settle above the resistance at 0.7635 to have a chance to develop upside momentum in the near term. The next resistance level for AUD/USD is located at the 20 EMA at 0.7645. In case AUD/USD gets above the 20 EMA, it will head towards the resistance at 0.7665.

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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