According to fxpig.com, the 0.7720 ‘key support’ was tested overnight (low of 0.7720) but the weak daily closing in NY is enough to indicate that the recent mild upward pressure has eased. For now, there is no change to the neutral outlook and AUD is deemed to have moved into a consolidation phase. Near-term, the bias is on the downside but for now, we view any weakness as part of a 0.7645/0.7785 consolidation range and not the start of sustained decline.
AUD/USD Daily Forecast - 20 April
We noted yesterday that “in order to maintain the current fledgling momentum, AUD has to make a run for the upside soon or the odds for a stronger rebound would diminish further”. While AUD managed to touch a ‘fresh’ high of 0.7813, the major 0.7825 resistance was unthreatened. All that said, the subsequent sharp decline from the high came as a surprise.
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