Aussie maintains the upward pressure, despite an increased risk of a bearish correction AUD AUDUSD $AUD $AUDUSD
Australian Commonwealth Bank PMIs missed the market’s expectations in March.AUD/USD maintains the upward pressure, despite an increased risk of a bearish correction.extended its 2022 rally to 0.7527, although it ended the day little changed around the 0.7510 level. Higher gold prices alongside the positive tone of US indexes maintained the pair afloat. The bright metal jumped to a fresh weekly high of $1,966.
The 4-hour chart shows that the pair keeps developing above bullish moving averages, with the 20 SMA still heading firmly north. Technical indicators hold well above their midlines, losing their bullish strength, but without any other sign of an upcoming decline. The immediate support level comes at 0.7470, although a more sustainable corrective decline would come on a break below the 0.7390 level.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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