AUD/USD Daily Forecast – Test Of Resistance At 0.7775

AUD/USD Video 26.04.21.

Australian Dollar Starts The Week On A Strong Note

AUD/USD is currently trying to settle above the resistance at 0.7775 while the U.S. dollar is losing ground against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle below the support at 90.70 but failed to develop sufficient downside momentum. In case the U.S. Dollar Index declines below this level, it will move towards the support at 90.50 which will be bullish for AUD/USD.

There are no important economic reports scheduled to be released in Australia today so foreign exchange market traders will focus on the economic data from the U.S. Durable Goods Orders report is expected to show that Durable Goods Orders increased by 2.5% month-over-month in March. Excluding Transportation, Durable Goods Orders are projected to grow by 1.6%.

Traders will also keep an eye on the developments in U.S. government bond markets. Treasury yields have recently failed to settle below multi-week lows and are trying to gain some upside momentum. In case this attempt is successful, the U.S. dollar may get more support.

Technical Analysis

AUD/USD managed to settle above the resistance at 0.7750 and is trying to settle above the next resistance level at 0.7775. In case this attempt is successful, AUD/USD will head towards the resistance at 0.7800.

A move above the resistance at 0.7800 will open the way to the test of the resistance at 0.7820. If AUD/USD manages to settle above this level, it will head towards the next resistance at 0.7850.

On the support side, the previous resistance level at 0.7750 will serve as the first support level for AUD/USD. If AUD/USD declines below this level, it will head towards the support at 0.7720.

A move below the support at 0.7720 will push AUD/USD towards the support at the 20 EMA at 0.7710. If AUD/USD gets below the 20 EMA, it will get to the test of the support at the 50 EMA at 0.7700.

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