AUD - Interest Rate Hike Prospects Support Australian Dollar's Stabilization

As seen in the technical chart, the Australian dollar has formed a golden cross by crossing the 10-day moving average above the 5-day moving average, and the exchange rate has also climbed back above the 50-day moving average. If the Australian dollar can break through the 0.72 level, it is expected to see a larger upward movement. The next major resistance levels are estimated at 0.7280 and 0.7380, with the next key levels expected to be 0.74 and 0.7460. The support is expected at 0.7120, with the next level to watch being the 0.70 level, which also coincides with the 25-day moving average. The stronger support at the 100-day moving average around 0.6890 and the 0.6800 level.

Forecasted Range:
Resistance: 0.7200* - 0.7280 – 0.7380 – 0.7400 – 0.7460
Support: 0.7120 - 0.7000* - 0.6890 – 0.6800

Key Focus:
Thursday
Australia April PMI (07:00)

Any questions? contact our professional analysis team