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AUD/USD Price Prediction: Aims to reclaim last week's high at 0.6770
The AUD/USD pair has broken to the upside from the narrow consolidation zone created around 0.6720. Establishment above the 50- and 200-day exponential moving averages has changed the long-term trend upward. A 60.00-80.00 range move in the bullish direction by the RSI (14) has started the upward momentum.
During the Asian session, the AUD/USD pair broke above the consolidation formed in a narrow range around 0.6720. The Australian asset has risen over 0.6750 and is anticipated to reclaim the previous week's high around 0.6770 as investors' risk appetite improves.
In the meantime, the US Dollar Index (DXY) is encountering stiff opposition near the crucial barrier of 104.00, as a decline in the United States Personal Consumption Expenditure (PCE)-Price Index has bolstered expectations of less-hawkish monetary policy from the Federal Reserve (Fed) in the near future.
The receptive purchasing activity in the Australian dollar at 0.6660 on Thursday propelled the asset above the 50- and 200-period Exponential Moving Averages (EMAs) at 0.6703 and 0.6717 respectively. After surpassing the previous week's peak of roughly 0.6770, the Australian Dollar will experience considerable gains.
In addition, the Relative Strength Index (RSI) (14) has moved into the bullish zone of 60.00-80.00, indicating the activation of bullish momentum.
After convincingly surpassing the previous week's high at 0.6770, the Australian dollar will be exposed to round-level resistance and the high from December 14 around 0.6800 and 0.6880, respectively.
In contrast, a decline below the December 12 low of approximately 0.6630 will push the asset towards the round-level resistance at 0.6600, followed by the November 8 high of approximately 0.6550.
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