AUD/USD analysis: declines limited on solid local data

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7580

The AUDUSD pair retreated from a daily high of 0.7631, achieved after Australian employment figures surprised to the upside. In May, the unemployment rate fell to 5.5% beating expectations of 5.7%, even though the participation rate increased to 64.9%. The economy created 42,000 new jobs in May, well above the 10K expected, with par-time employment down, and fulltime employment soaring, up by 52.1K. Dollar's demand and equities decline had a limited effect over the Aussie, as despite the pair closed the day in the red, it holds near the 0.7600 level. The macroeconomic calendar will remain light in Australia, with the only note of interest being Chinese FDI data. In the meantime, the technical picture still shows a limited downward potential, given that intraday retracements were contained by a bullish 20 SMA, currently offering a dynamic support around 0.7560, whilst technical indicators lack clear directional strength, but hold within positive territory.

Support levels: 0.7560 0.7520 0.7490

Resistance levels: 0.7600 0.7640 0.7675

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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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