AUD/USD remains well-supported amid dollar strength

The Australian dollar is unchanged on a weekly basis against its American rival, trading below the 0.7800 level. According to FXStreet’s Chief Analyst Valeria Bednarik, the aussie remains resilient to the dollar’s strength though AUD/USD loses its bullish long-term potential.

Key quotes

“On Wednesday, the focus will be on growth estimates. Australia will publish the March preliminary estimates of the Commonwealth Bank PMIs, expected to remain within expansion levels. Markit will release later in the day the preliminary estimates of the US PMIs, also seen holding well above 50.”  

“The US will also publish February Durable Goods Orders, expected to have grown by 1.2% in the month. The country will publish the final version of its Q4 Gross Domestic Product on Thursday.”

“The first support level is 0.7690, followed by 0.7620. The most relevant one is 0.7563, where the pair bottomed in February.”

“The immediate resistance level is 0.7770, but the AUD/USD  pair would need to build up momentum above 0.7820 to have a chance at extending its advance toward the 0.7900 price zone.”