The Aussie Dollar is poised to end the week on a positive note versus the US Dollar, up 0.21% as improved risk appetite keeps AUD/USD trading near 0.7124, closing near Friday's highs.
AUD/USD Price Forecast: Technical Outlook
After breaching the June 15 high of 0.7088, which turned support once cleared, the AUD/USD broke above 0.7100 and hit a two-day high of 0.7136 before settling at around 0.7120.
The Relative Strength Index (RSI) shows the index is bearish but about to turn bullish. This means buyers expect further upside, as the Reserve Bank of Australia is expected to raise rates at the September 29 meeting.
If the AUD/USD extends its gains above the current week’s high of 0.7168, a move to 0.7200 is on the cards. On further strength, the next stop will be the September 9 daily high of 0.7237, followed by the May 6 cycle high of 0.7277.
On the other hand, if AUD/USD falls beneath the 50-day SMA of 0.7084, the next stop will be the 100-day SMA at 0.7078. Beneath is the September 16 swing low of 0.7075, ahead of challenging the 200-day SMA at 0.7012.
AUD/USD Price Chart – Daily
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