AUD/USD: forecast for April 18-24
AUD/USD once again rose to 0.7700 as the market’s risk sentiment improved and commodity prices went up.
However, this resistance level at 0.7700 will be a hard obstacle for the bulls. Here we find a resistance line, which is strengthened by the bearish divergence on the daily chart.
Fundamentally the increase in commodities may reverse after the oil summit in Doha this weekend making US dollar rise versus commodity currencies like Aussie.
On Tuesday the Reserve Bank of Australia will release the minutes of its April meeting. We will also hear from the central bank’s governor Stevens. The RBA probably doesn’t like the high levels of the national currency. On Thursday NAB quarterly business confidence will be released.
Sell targets lie at 0.7530/00. The pair should find some support in this area.