AUD/USD analysis: struggling around 0.8000, bullish

Valeria Bednarik FXStreet

AUD/USD Current price: 0.8011

Solid Australian employment data supported the Aussie.
Chinese macroeconomic figures mixed, but overall positive.

The Aussie stroke back against a sudden dollar's appreciation at the beginning of the Asian session, underpinned by solid Australian employment figures. The country added 34,700 new jobs in December, largely surpassing the 9,000 forecasted, although the unemployment rate ticked higher, to 5.5% from previous 5.4%. Chinese data was mixed, although strong growth figures offset softer-than-expected retail sales. Sales were up in December 9.4%, down from previous 10.2%. However, Q4 GDP resulted at 6.8% vs. the expected 6.7%, while Industrial Production rose 6.2%. The upcoming US session will bring fresh housing and employment data, alongside with the Philly manufacturing index for January.

Having traded as low as 0.7941, the pair now trades around the 0.8000 level still unable to recover it, but poised to extend its advance, according to intraday technical readings, as in the 4 hours chart, it stands above a still bullish 20 SMA, after briefly falling below it, while technical indicators bounced from their mid-lines, heading north but below their recent highs. The pair posted a multi-month high of 0.8022 this week, now the immediate resistance, with an extension above it exposing the 0.8140 region for the upcoming sessions.

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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