AUD/USD Price Forecast: More Upside Likely as Pair Stabilizes Above 20-Day EMA
The Australian Dollar is hovering near 0.6990 against the US Dollar, edging slightly lower as the greenback strengthens on renewed US inflation fears. However, stabilization above the 20-day EMA suggests further upside potential.
The AUD/USD pair is trading marginally lower around 0.6990 during the European session on Friday, as the US Dollar ticks up amid concerns that US inflation could re-accelerate after a recent slowdown. This slight decline comes despite the Aussie's relative stability in recent sessions.
Technically, the pair has stabilized above the 20-day exponential moving average (EMA), a development that analysts often interpret as a bullish signal. The price action around this level indicates that buyers have stepped in to support the Australian Dollar.
Given the current positioning and the EMA structure, the near-term outlook suggests more upside is likely for AUD/USD. Traders will be watching for a sustained move above the 0.7000 psychological barrier to confirm the bullish momentum.
Source: FXStreet Forex News