The AUD/USD reversed its course, climbing some 0.61% on Wednesday as the US Dollar remains on the backfoot due to an improvement in market mood, sponsored by solid US economic data. At the time of writing, the pair trades at 0.7077, poised to end near the day’s high.
AUD/USD Price Forecast: Technical outlook
The AUD/USD technical picture remains bullishly biased after the nearly 1% loss on Tuesday, which pushed the Aussie to a fresh four-week low of 0.6944. Despite this, momentum seems constructive as depicted by the Relative Strength Index (RSI) with the index above its 50-neutral level and aiming higher.
Given the backdrop, the AUD/USD could extend its gains if bull reclaimed the March 3 daily high of 0.7122. A decisive break will expose the yearly high of 0.7147 ahead of 0.7200.
On the downside, the first support is seen at 0.7000. A breach of the latter will expose the March 3 swing log of 0.6944 ahead of the 50-day SMA at 0.6904.
AUD/USD Price Chart – Daily
AUD/USD Daily Chart
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