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AUD/USD Gains Pace, Why It Could Continue Higher

Key Highlights

  • AUD/USD started a fresh increase above the 0.7320 resistance.
  • It broke a key bearish trend line with resistance near 0.7300 on the 4-hours chart.
  • EUR/USD is still struggling below 1.1120 while GBP/USD surpassed 1.3200.
  • Oil price is rising again and could gain pace above $115.

AUD/USD Technical Analysis

The Aussie Dollar started a steady increase above the 0.7300 resistance against the US Dollar. AUD/USD cleared the 0.7350 resistance to move further into a positive zone.

Looking at the 4-hours chart, the pair settled above the 0.7400 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).

The pair is now trading near the 0.7475 level. An immediate resistance is near the 0.7480 level. The main resistance sits near the 0.7500 level. A clear move above the 0.7500 zone could set the pace for a larger increase.

In the stated case, the pair might rise towards the 0.7580 resistance zone. On the downside, the pair might find support near the 07420 level.

The next key support is near the 0.7400 level. A downside break below the 0.7400 support might start a steady decline. In this case, the pair could decline towards the 0.7320 support and the 100 simple moving average (red, 4-hours).

Looking at EUR/USD, the pair is still struggling to clear the 1.1100 and 1.1120 resistance levels. Conversely, GBP/USD was able to clear the 1.3200 and 1.3220 resistance levels.

Economic Releases

  • UK Consumer Price Index for Feb 2022 (YoY) – Forecast +5.9%, versus +5.5% previous.
  • UK Core Consumer Price Index for Feb 2022 (YoY) – Forecast +5.0%, versus +4.4% previous.
  • Fed’s Chair Powell speech.
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