AUD/USD analysis: bulls waiting for an excuse to clear the 0.80 barrier

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7971

AUD/USD consolidates right below the 0.8000 threshold.
Australian employment figures early Thursday could be the catalyst for a bullish breakout.

The AUD/USD pair has peaked at 0.7998 this Wednesday but was unable to break above the key 0.80 threshold, pulling back to 0.7940 afterward, as the dollar got some love from market players. Aussie's rally was backed by another positive macroeconomic release, as home loans rose 2.1% MoM in November, reversing October's 0.6% fall. The value of loans rose 2.3% from previous 0.6%, largely surpassing market's expectations. As it has been happening these last days, the dollar lost its charm after London opening, helping the pair to bounce. The US session will bring December industrial production figures, while through the US afternoon, different Fed's officers will offer speeches.

The pair has been trading within a tight range ever since the week started, not far below multi-month highs, which maintains the longer term bullish trend alive, despite the limited momentum seen this week. In the 4 hours chart, the pair bounced from a bullish 20 SMA, while technical indicators continue retreating within positive territory, somehow indicating that investors are waiting for fresh clues. Australia will release its December employment data early Thursday, and that could be the catalyst needed. In the meantime, the downside seems well limited by a long-term Fibonacci support at 0.7890, while beyond 0.8000, the pair has room to advance up to the 0.8140, where it topped in 2017.

Support levels: 0.7935 0.7890 0.7850

Resistance levels: 0.8000 0.8040 0.8075

View Live Chart for the AUD/USD

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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