AUD/USD Daily Forecast – Support At 0.7750 In Sight

AUD/USD Video 30.04.21.

Australian Dollar Is Under Pressure Against U.S. Dollar

AUD/USD is currently moving towards the support level at 0.7750 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get above the resistance at 90.70 and is trying to gain additional upside momentum. The next resistance level for the U.S. Dollar Index is located at 91. In case the U.S. Dollar Index gets to the test of this level, AUD/USD will find itself under more pressure.

Today, foreign exchange market traders will focus on economic reports from the U.S. Personal Income report is projected to show that Personal Income increased by 20.3% in March due to the new round of economic stimulus. Personal Spending is expected to increase by 4.1%.

Traders will also have a chance to take a look at the final reading of Michigan Consumer Sentiment report which is projected to indicate that Consumer Sentiment improved from 84.9 in March to 87.4 in April thanks to the robust economic rebound and successful mass vaccination program.

Technical Analysis

AUD/USD settled below 0.7775 and is trying to get to the test of the support level at 0.7750. RSI is in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If AUD/USD declines below the support at 0.7750, it will head towards the next support level which is located at the 20 EMA at 0.7735. A successful test of this level will open the way to the test of the support at 0.7720. In case AUD/USD manages to get below this support level, it will head towards the support at the 50 EMA at 0.7710.

On the upside, a move above 0.7775 will open the way to the test of the resistance at 0.7800. If AUD/USD settles above the resistance at 0.7800, it will get to the test of the next resistance at 0.7820. A move above this level will push AUD/USD towards the resistance at 0.7850.

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