Forex forecast

AUD/USD Current price: 0.7720

25.04.2016 16:22:51

The AUD/USD pair is gaining some bullish track ahead of the US opening, recovering from a daily low of 0.7690 posted at the beginning of the week. With Australia down on holidays, the pair saw little action at the beginning of the day, now waiting for US traders to define where to go today. Technically, the 1 hour chart presents a neutral stance, with the price a few pips above a horizontal 20 SMA and the indicators heading nowhere around their mid-lines. In the 4 hours chart,  however, the risk is towards the downside, as the price is well below a bearish 20 SMA, currently around 0.7760, whilst the technical indicators stand well below their mid-lines, showing no certain directional strength. 

Support levels: 0.7690 0.7660 0.7620  

Resistance levels: 0.7760 0.7790 0.7835