AUD/USD Outlook: Aussie attacks again key barriers after positive jobs data
|The Australian dollar moved higher in Asia on Thursday, boosted by Australian jobs data and probed again above strong barriers at 0.7035/36 (daily cloud top/weekly cloud base).
Full-time employment data showed strong rise in June (21.1K vs 2.4K in May) but were overshadowed by unemployment that stays stuck at 5.2% and only 500 new jobs added in June, compared to 42.3K figure in May and 9.1K forecast.
The Reserve Bank of Australia is closely monitoring developments in the labor sector, with expectations for earnings and inflation to pick up, but fall in unemployment is needed to accelerate the process, as the central bank looks for jobless rate to drop to 4.5%.
Fresh advance emerged after two-day pullback from 0.7044 high was contained by psychological 0.70 support and Wednesday's action ended in long-legged Doji, suggesting that bears ran out of steam.
Momentum and RSI are turning up on daily chart, helped by daily MA's in bullish configuration and setting scene for eventual break through key barriers at 0.7035/36 and 0.7044/47 that would open way for test of pivotal Fibo barrier at 0.7062 (61.8% of 0.7205/0.6831) and 200DMA (0.7090) in extension). Broken 100DMA now offers immediate support at 0.7017, guarding lower pivots at 0.7000/0.6990 (round-figure/converged 10/20DMA's), loss of which would generate bearish signal.
Res: 0.7044; 0.7047; 0.7062; 0.7090
Sup: 0.7017; 0.7000; 0.6990; 0.6970
Interested in AUDUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.