AUD/USD Forecast: Retains Its Neutral Stance Near This Year's High

AUD/USD Current Price: 0.7407

• Australian NAB’s Business Confidence improved in November to 12.
• Equities posted modest intraday gains, limiting AUD/USD performance.
• AUD/USD retains its neutral stance near this year’s high.

The AUD/USD pair was unable to attract speculative interest this Tuesday, spending the day around 0.7410. The pair seems to have followed the tepid behavior of equities, as most indexes managed to post just modest intraday gains. Australia published quite encouraging data, as NAB’s Business Confidence improved in November to 12 from 3 in the previous month, while NAB’s Business Conditions came in at 9 from 2 in October. This Wednesday, the country will publish December Westpac Consumer Confidence, previously at 2.5%.

AUD/USD Short-Term Technical Outlook

The AUD/USD pair offers a neutral-to-bearish stance in the near term, without signs of an imminent fall. The 4-hour chart shows that the pair is incapable of recovering above a now flat 20 SMA but holds near it. The longer moving averages keep heading north below the current price. In the meantime, technical indicators are directionless around their midlines.

Support levels: 0.7415 0.7375 0.7330

Resistance levels: 0.7450 0.7490 0.7530

View Live Chart for the AUD/USD

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