AUD/USD remains biased higher, with downside attempts capped above 0.6555
|- Aussie's reversal has been contained above 0.6555, which leaves the positive momentum intact.
- The pair withstood the bullish US Dollar reaction after the NFP release.
- A clear break of the 0.6620-0.6630 resistance area would confirm a trend shift.
Australian Dollar’s reversal from Thursday’s highs has been contained above the 0.6555 support area, despite the strong US Dollar reaction to the upbeat US employment data. This keeps bulls hopeful of a deeper recovery, with their focus on the resistance area above 0.6600.
US Nonfarm Payrolls increased beyond expectations in March to close a strong first quarter, although a certain moderation observed in the yearly wage growth maintains hopes of Fed cuts alive. This has put a lid on the USD rally which leaves the pair’s bullish momentum intact.
The weekly chart is forming a large bullish candle which signals a potential change in the broader bearish trend. A break of the 0.6620-0.663030 resistance area would confirm the trend change and expose the 0.6670 top. Support levels remain at 0.6555 and 0.6500.
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