AUD/USD Daily Forecast – Australian Dollar Moves Higher As Commodity Markets Rebound

AUD/USD Video 26.03.21.

Resistance At 0.7635 In Sight

AUD/USD managed to get above the resistance at 0.7600 and is moving towards the next resistance at 0.7635 while the U.S. dollar is under pressure against a broad basket of currencies.

The U.S. Dollar Index is currently trying to get below the nearest support level at 92.70. A move below this level will open the way to the test of the next support at 92.50 which will be bullish for AUD/USD.

Today, foreign exchange market traders will focus on the economic data from the U.S. Analysts expect that Personal Income declined by 7.3% month-over-month in February after growing by 10% in January due to stimulus payments. Personal Spending is projected to decrease by 0.7% month-over-month in February.

Traders will also have a chance to take a look at the final reading of Consumer Confidence report for March which is expected to show that Consumer Confidence increased from 76.8 to 83.6.

Australian dollar will remain sensitive to developments in commodity markets. Suez Canal remains blocked, and it is not clear when the problem will get solved. Oil traders have shrugged off virus worries, and WTI oil is trying to get to the test of the $60 level. Copper and precious metals are also rebounding, which is bullish for commodity-related currencies like Australian dollar. If this rebound continues, Australian dollar may get more support.

AUD/USD is currently moving towards the resistance at 0.7635. If AUD/USD manages to settle above this level, it will head towards the next resistance at 0.7665.

A move above the resistance at 0.7665 will open the way to the test of the resistance which is located near the 20 EMA at 0.7700. If AUD/USD gets above the 20 EMA, it will head towards the next resistance at the 50 EMA near 0.7715.

On the support side, the nearest support level for AUD/USD is located at 0.7600. If AUD/USD declines below this level, it will head towards the support at 0.7575. A successful test of this support level will push AUD/USD towards the support at 0.7535.