23 Mar 2015
AUD/USD tests crucial 0.7850 area
FXStreet (Tokyo) - The Australian dollar is advancing against its American counterpart as the pair is joining the USD retracement across the board.
After climbing 85 pips from the 0.7765 traded in the European morning, the AUD/USD is now testing the 0.7850 area after breaking above March 6 and 18 highs of 0.7845. Currently, AUD/USD is trading at 0.7845, up 0.92% on the day, having posted a daily high at 0.7854 and low at 0.7763.
AUD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
AUD/USD forecast
As FXStreet chief analyst Valeria Bednarik comments in a recent report: the USD "is under strong pressure across the board, having saw a short lived upward correction earlier in the day, with the European opening. Nevertheless, the currency trades at fresh daily lows against most of its major rivals ahead of the US opening."
Richard Perry from Hantec Markets said in the AUD/USD Forecast Poll: "the volatility still present on dollar pairs is benefitting the Aussie, however until there is a break above 0.7910 resistance the bulls will still be struggling to make a real impact."
If the pair manages to break above 0.7850, it will find resistances at 0.7860, 0.7880 and 0.7915. To the downside, supports are at 0.7800, 0.7760 and 0.7700.
After climbing 85 pips from the 0.7765 traded in the European morning, the AUD/USD is now testing the 0.7850 area after breaking above March 6 and 18 highs of 0.7845. Currently, AUD/USD is trading at 0.7845, up 0.92% on the day, having posted a daily high at 0.7854 and low at 0.7763.
AUD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish.
AUD/USD forecast
As FXStreet chief analyst Valeria Bednarik comments in a recent report: the USD "is under strong pressure across the board, having saw a short lived upward correction earlier in the day, with the European opening. Nevertheless, the currency trades at fresh daily lows against most of its major rivals ahead of the US opening."
Richard Perry from Hantec Markets said in the AUD/USD Forecast Poll: "the volatility still present on dollar pairs is benefitting the Aussie, however until there is a break above 0.7910 resistance the bulls will still be struggling to make a real impact."
If the pair manages to break above 0.7850, it will find resistances at 0.7860, 0.7880 and 0.7915. To the downside, supports are at 0.7800, 0.7760 and 0.7700.