AUD/USD Analysis: stable below 0.6800, directionless

Valeria Bednarik FXStreet

AUD/USD Current Price: 0.6778

Robust Australian employment data not enough to twits RBA’s hands.
The poor performance of equities helped to keep the upside limited.
AUD/USD short-term neutral, bullish potential to increase above 0.6810/20.

The AUD/USD pair has added roughly 30 pips this Thursday, with the Aussie getting an early boost from Australian employment data, much better-than-anticipated. According to the official release, the country added 41.1K new jobs in July, surpassing the market’s forecast of 14.0K and most of them being full-time positions, which rose by 34.5K. Also, the unemployment rate remained steady at 5.2%, despite the participation rate increased by 66.1%. The news came after wages were reported to have ticked higher in the second quarter of the year, defying signs of an economic slowdown. Despite the robust numbers, the pair remained below 0.6800. The poor performance of equities limited the upside for the AUD. Australia won’t release relevant data this Friday.

AUD/USD short-term technical outlook

The AUD/USD pair is heading into the Asian opening holding within familiar levels, just below its weekly opening. The short-term picture is neutral, according to the 4 hours chart, as it’s hovering above a flat 20 SMA, but remains below a bearish 100 SMA, this last at around 0.6820. Technical indicators, in the meantime, hold directionless just above their midlines. Further recoveries will depend on a better market mood and recovery above the 0.6810/20 price zone, a strong resistance area.

Support levels: 0.6740 0.6700 0.6675

Resistance levels: 0.6815 0.6840 0.6880

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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