AUD/USD Daily Forecast – Australian Dollar Failed To Gain More Ground Against U.S. Dollar
AUD/USD Video 30.03.21.
Australian Dollar Is Mostly Flat Against U.S. Dollar
AUD/USD has recently made another attempt to settle above the resistance at 0.7635 but pulled back while the U.S. dollar gained more ground against a broad basket of currencies.
The U.S. Dollar Index has managed to get above the resistance at 93 and is moving towards the next resistance level at 93.20. If the U.S. Dollar Index manages to settle above the resistance at 93.20, it will head towards the next resistance at 93.40 which will be bearish for AUD/USD.
The yields of 10-year Treasuries have recently moved to multi-month highs which is bullish for the American currency. Currently, the yield of 10-year Treasuries is trying to settle above 1.77%. If the yield of 10-year Treasuries moves to 1.80%, AUD/USD may find itself under pressure.
Foreign exchange market traders will also monitor the developments in the oil market which has been volatile during the drama in Suez Canal. WTI oil has recently made an attempt to settle above the $62 level but failed to develop sufficient upside momentum. If oil continues to move higher, commodity-related currencies will get more support which will be bullish for AUD/USD.
AUD/USD failed to settle above the resistance at 0.7635 and is trying to gain downside momentum. The next support level for AUD/USD is located at 0.7600. If AUD/USD declines below this support level, it will head towards the next support at 0.7575.
AUD/USD has recently received material support at this level so I’d expect strong interest from traders if AUD/USD gets to the test of the support at 0.7575. A move below this level 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 continue its rebound. The next resistance level is located at 0.7665. In case AUD/USD gets above this level, it will head towards the 20 EMA at 0.7685. A successful test of the resistance at the 20 EMA will push AUD/USD towards the next resistance at the 50 EMA at 0.7705.
For a look at all of today’s economic events, check out our economic calendar.