AUD/USD analysis: bullish stance persists ahead of employment data

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7957

The AUD/USD pair keeps advancing by the end of the US session, trading right below a fresh 2-year high of 0.7958. Commodity-related currencies benefited from a sharp recovery in oil prices after a surprise drawdown in US stockpiles, getting additional support from a moderate advance in worldwide equities. The Aussie will face a major macroeconomic challenge during the upcoming Asian session, as the country will release its NAB Business confidence index for Q2 and June employment data. The country is expected to have added 15K new jobs in the month, while the unemployment rate is expected to have ticked up to 5.6% from previous 5.5%. Better-than-expected numbers, particularly with gains in full-employment, should result in a break above the 0.8000 threshold, with the upward momentum expected to accelerate then. In the 4 hour chart, the 20 SMA advanced below the current level, now around 0.7875, whilst technical indicators remain horizontal within overbought levels, supporting a bullish extension for the upcoming sessions.

Support levels: 0.7905 0.7875 0.7835

Resistance levels: 0.7990 0.7830 0.7870

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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