0.7100 in Focus: AUD/USD Price Forecast as Bulls Test SMA Cluster

0.7000 reclaimed: AUD/USD adds to weekly gains and tests key resistance.
0.7074 caps the path higher as buyers test converging SMAs.
0.7100 breakout would bring 0.7150 and September’s 0.7237 high into view.

AUD/USD trades at 0.7035 at the time of writing. The Australian Dollar closed Friday more than 0.22% higher, taking its weekly advance to over 1.20%. Having regained 0.7000, the pair is positioned to test a cluster of key resistance levels in the 0.7000-0.7100 range.

AUD/USD Price Forecast: 0.7074 Resistance in Focus

TMGM Analysis: Financial Market News, Economic Calendar & Market Insights

A rise from around 0.6900 in mid-October to current levels has shifted the near-term bias for AUD/USD to bullish. Expectations of another rate increase by the Reserve Bank of Australia (RBA) before next year have supported the Aussie, alongside a favourable technical setup.

The immediate technical hurdle for buyers is the cluster of 100-, 50- and 200-day Simple Moving Averages (SMAs) at 0.7033, 0.751 and 0.7074, respectively. Clearing this area could open the way towards 0.7100.

Further gains would put the psychological 0.7150 level in focus before the daily high of 0.7237 recorded on 9 September. Beyond that, the year-to-date (YTD) peak of 0.7277 would come into view.

For a move lower, initial AUD/USD support lies at 0.7000. A break below would shift attention to the 15 October cycle low at 0.6894.

AUD/USD – Daily Price Chart

Australian Dollar: This Week’s Performance

This week, the Australian Dollar (AUD) recorded its strongest performance against the US Dollar. The table below sets out its percentage changes against the major currencies listed.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.15%	-0.46%	-0.77%	-0.81%	-1.12%	-0.74%	-0.14%
EUR	0.15%		-0.31%	-0.56%	-0.61%	-0.88%	-0.58%	0.03%
GBP	0.46%	0.31%		-0.25%	-0.30%	-0.56%	-0.26%	0.41%
JPY	0.77%	0.56%	0.25%		-0.05%	-0.35%	0.02%	0.75%
CAD	0.81%	0.61%	0.30%	0.05%		-0.29%	0.09%	0.71%
AUD	1.12%	0.88%	0.56%	0.35%	0.29%		0.30%	0.94%
NZD	0.74%	0.58%	0.26%	-0.02%	-0.09%	-0.30%		0.66%
CHF	0.14%	-0.03%	-0.41%	-0.75%	-0.71%	-0.94%	-0.66%

Percentage moves between the major currencies are displayed in the heat map. Select the base currency in the left-hand column and the quote currency in the top row. To read AUD (base)/USD (quote), for example, select the Australian Dollar on the left and follow its row across to the US Dollar column. The intersecting cell gives the percentage change for that pair.