AUD/USD Forecast: In A Corrective Decline, Further Slides Expected Once Below 0.7865

Valeria Bednarik - Chief Analyst at FXStreet
1 min read
0

AUD/USD Current Price: 0.7914

  • Risk-related sentiment saw AUD/USD swing between a 140 pips range.

  • Australian macroeconomic data keeps surpassing the market’s expectations.

  • AUD/USD is in a corrective decline, further slides expected once below 0.7865.

The AUD/USD pair hit 0.8006, a three-year high, retreating afterwards to plummet alongside Wall Street to 0.7872. The pair started the day with a strong footing as risk appetite weighed on the greenback, but the latter got an unexpected boost from a Treasury auction which sent yields to fresh highs and equities into the deep red.

Earlier in the day, Australia published Q4 Private Capital Expenditure, which resulted at 3%, much better than the previous -3% and largely above the 0% expected. This Friday, the country will release January Private Sector Credit.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair is currently trading in the 0.7910 price zone, and the near-term picture suggests the decline may continue heading into the weekend. The 4-hour chart shows that the pair is below its 20 SMA while technical indicators extend their declines, entering negative levels. A steeper decline is to be expected on a break below 0.7865, the immediate support level.

Support levels: 0.7865 0.7820 0.7770

Resistance levels: 0.7920 0.7965 0.8005

View Live Chart for the AUD/USD

See more from Benzinga

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement

Recommended Stories

  • Billionaire Bill Gates Has 51% of His Portfolio Invested in 2 Brilliant Stocks

    The Bill and Melinda Gates Foundation Trust outperformed the S&P 500 by a wide margin over the past three years, in part because of these two stocks.

  • One More Day, One More Boeing Incident - Senegal Crash Adds to Troubles

    Boeing Co (NYSE: BA) continues to face challenges as a Boeing 737-300 aircraft crashed during takeoff at Senegal’s main airport on Thursday. Air Sénégal flight HC301, operated by Transair with 78 passengers, skidded off a runway before takeoff, injuring 11 people and bringing the facility to a halt. The Blaise Diagne airport said an investigation was underway to determine the cause of the accident, which occurred at around 0100 GM, reported Reuters. Boeing is already under regulatory scrutiny af

  • Can I Use My RMDs to Transfer Money Into My Roth IRA?

    If you're taking a required minimum distribution from an IRA, 401(k) or other tax-deferred account and don't need the money to cover living expenses, where should you stash that unneeded cash? Investors now need to start taking RMDs at age 73 or, if they were born after 1960, at age 75. Depending on the balances of […] The post Can I Use My RMDs to Transfer Money Into My Roth IRA? appeared first on SmartReads by SmartAsset.

  • Ask an Advisor: Can a Nursing Home Take Our IRA? We Have a $100K IRA and a Trust to Protect Our Assets

    My wife and I are elderly. I have an individual retirement account (IRA) worth about $100,000, and we have a trust set up through our children to protect our assets. If one or both of us have to go into … Continue reading → The post Ask an Advisor: Can a Nursing Home ‘Take Our IRA?' My Wife and I Are Elderly. We Have a $100K IRA and a Trust to Protect Our Assets. appeared first on SmartAsset Blog.

  • Dave Ramsey Shares Three Rules For Buying A House

    In today's turbulent housing market, navigating the path to homeownership requires a more strategic approach than ever. With soaring prices and high interest rates, prospective buyers face myriad challenges. But despite the complexities, financial experts like Dave Ramsey offer valuable insights to guide homebuyers through the process. Ramsey shared three rules for buying a house in a May 6 post on X: 1. Be debt-free. 2. Keep enough money in an emergency fund to cover three to six months of hous

  • ‘Seriously Underwater’ Home Mortgages Tick Up Across the US

    (Bloomberg) -- Roughly one in 37 homes are now considered seriously underwater in the US and that share is much higher across a swath of southern states, according to data out Thursday.Most Read from BloombergMicrosoft’s Xbox Is Planning More Cuts After Studio ClosingsAmericans Are Racking Up ‘Phantom Debt’ That Wall Street Can’t Track‘Seriously Underwater’ Home Mortgages Tick Up Across the USArm Slides as Tepid Outlook Fuels Concerns Over AI SlowdownNationally, 2.7% of homes carried loan balanc

  • How Much Cash Can A $300,000 Annuity Generate For Me Each Month?

    Imagine having a reliable source of income you can count on throughout your retirement. That’s the promise of an annuity. These insurance products have been designed to turn your savings into a steady stream of monthly payments. They guarantee peace of mind and financial security in your golden years. Don't Miss: Are you rich? Here’s what Americans think you need to be considered wealthy. Can you guess how many Americans successfully retire with $1,000,000 saved? The percentage may shock you. An

  • Tesla punctuates layoffs with apparent hiring freeze

    Tesla appears to have followed up its recent layoffs with a company-wide hiring freeze. Only three positions remain open out of more than 3,000.

  • GigaCloud Technology Inc. (GCT) Q1 Earnings and Revenues Surpass Estimates

    GigaCloud Technology Inc. (GCT) delivered earnings and revenue surprises of 64.71% and 6.84%, respectively, for the quarter ended March 2024. Do the numbers hold clues to what lies ahead for the stock?

  • Rivian's R2 Is Already Built to Fail

    R2 is too expensive even two years before launch.