AUD/USD analysis: pressuring 0.8000, still looking for higher highs

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7987

Australian economy giving sings of further improvement.
AUD/USD bulls determine to test 0.8140.

The AUD/USD pair has spent the day trading within Wednesday's range, anyway gaining on the day amid a positive surprise coming from Australian employment figures at the beginning of the day. According to official figures, the country added 34,700 new jobs in December, surpassing the 9,000 forecasted, although the unemployment rate ticked higher, to 5.5% from previous 5.4%. Data coming from China was mixed, but anyway indicated solid growth in the country, with Q4 GDP at 6.8%, matching the previous reading and December industrial production printing 6.2%, surpassing market's expectations. The only miss there was retail sales that rose in December 9.4%, down from previous 10.2%. Holding near its recent multi-month high, the pair has bounced for a third consecutive day from the 0.7940 region, an immediate and strong static support level, maintaining its bullish bias but still unable to clear the 0.8000 level. The 4 hours chart shows that the price holds above a bullish 20 SMA, while indicators aim north above their mid-lines, supporting the case for a bullish extension, particularly on a break above 0.8022, the high achieved earlier this week.

Support levels: 0.7940 0.7910 0.7880

Resistance levels: 0.8025 0.8055 0.8090

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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