Last week, the Australian dollar ended its three-week decline against the US dollar and recorded an increase. The technical bias is bullish due to higher lows in the recent uptrend.
Currently, Australian Dollar and the USD are trading near 0.76580, and multiple resistance levels can be seen above, which may prevent prices from continuing to rise.
- Resistance Level 1: 0.76650
- Resistance Level 2: 0.77050
- Resistance Level 3: 0.77570
There are multiple support levels below the price, and these price levels may have a supporting effect on the price and prevent further declines.
- Support Level 1: 0.76250
- Support Level 2: 0.75900
- Support Level 3: 0.75500
In terms of data, the Australian Federal Reserve will announce its April cash rate decision at 2:30 pm Sydney time today. The forecast value of 0.1% is unchanged from the previous value of 0.1%. The Reserve Bank of Australia has maintained a low interest rate policy of 0.1% for more than a year, and it is expected that interest rates will remain unchanged this time. The release of data suggest that it will be beneficial for the Australian dollar, so the AUD-USD currency pair is bullish, and vice versa.
In conclusion, given the current price trend and economic development, it is a good choice to buy the AUD-USD currency pair near the current level.