- AUD/USD trades near range highs within 0.7100–0.7200 consolidation band.
- RSI above 50 supports bullish momentum and potential breakout scenario.
- Break above 0.7250 targets 0.7282 and 0.7300 resistance levels.
AUD/USD holds to minimal gains of 0.10% late in the North American session, yet poised to finish the week up 0.84%. At the time of writing, the pair trades above 0.7200 as the ‘bullish engulfing’ chart pattern caps the Aussie on the downside.
AUD/USD Price Forecast: Technical outlook
From a technical perspective, the AUD/USD trades near the top of a 100-pip consolidation range between 0.7100 and 0.7200, with traders awaiting fresh catalysts. Momentum is bullish as depicted by the Relative Strength Index (RSI) sitting above its neutral level.
On the upside, the first resistance for AUD/USD is the psychological 0.7250 level. If cleared, the next stop would be the June 3, 2022, high of 0.7282 ahead of the 0.7300 area. The next area of interest would be on April 5, 2022, at 0.7661
Conversely, if AUD/USD ends the day below 0.7200, it could open the door for testing the 20-day SMA at 0.7121. Below this level is 0.7100 ─the bottom of the 100-pip range─, followed by the 50-day SMA at 0.7059
AUD/USD Price Chart – Daily
