AUD / USD Current Price: 0.6349
- Aussie supported by stocks and soaring gold prices.
- Trade is expected to remain meager in the middle of Australia celebrating Easter Monday.
- AUD / USD maintains short term bullish position on weak dollars.
AUD / USD held gains and ended the week at 0.6345, a one-month high. The Aussie was supported by the general weakness of the dollar and the resurgence of stocks, but also by the recovery in gold prices. Commodity peaked at one month while futures contract peaked at seven and a half years as investors continue to buy the safe haven despite rising stocks. Uncertainty about the outcome of the current coronavirus crisis should keep the metal on demand.
China released March inflation data on Friday, which fell 1.2% in the month and 1.5% from the previous year, missing market expectations. The country also released money supply for the same month, which increased 10.1%. Australian markets will be closed during the next session on Easter Monday.
AUD / USD short term technical outlook
AUD / USD has the possibility to extend its lead because, in the daily chart, it has firmed above a now flat 20 DMA. Technical indicators remain well above their midline, having partially lost their upward force. The pair continues to develop some 400 pips below 100 and 200 bearish DMA. In the short term, and according to the 4-hour chart, the pair is neutral to bullish as the technical indicators have fallen slightly, although well above their averages, while the price remains well above all of its averages. mobile.
Support levels: 0.6310 0.6285 0.6250
Resistance levels: 0.6365 0.6400 0.6440
See the live chart for AUD / USD