AUD/USD Price Forecast: Bulls challenge SMA cluster, eye 0.7100
The Australian Dollar finished Friday’s session with gains of over 0.22% and the week up by more than 1.20%, with the pair reclaiming the 0.7000 figure and poised to test a confluence of key resistance levels within the 0.7000-0.7100 range. At the time of writing, the AUD/USD trades at 0.7035.
The Australian Dollar (AUD) made gains of over 0.22% on Friday, with the week seeing a 1.20% increase. The pair has reclaimed the 0.7000 figure and is now poised to test a cluster of key resistance levels between 0.7000 and 0.7100. The AUD/USD exchange rate is currently at 0.7035. After climbing from around 0.6900 in mid-October, the AUD/USD bias has turned bullish in the short term, driven by positive technical indicators and expectations of additional Reserve Bank of Australia (RBA) interest rate hikes before the end of the year.
Technical analysis shows that buyers will face resistance at the 100-, 50- and 200-day Simple Moving Averages (SMAs), which are currently at 0.7033, 0.751 and 0.7074, respectively. If these levels are cleared, the next target could be the psychologically significant 0.7100 level, followed by the September 9 daily high of 0.7237.
A breakthrough of the 0.7150 level would expose the year-to-date high of 0.7277. Support for the AUD/USD pair lies at the 0.7000 level, with the next point of interest becoming the October 15 cycle low of 0.6894. In summary, the AUD/USD currency pair has been on a bullish run, with key resistance levels at 0.7033, 0.751 and 0.7074, and potential targets at 0.7100, 0.7150 and 0.7237.
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