AUD/USD: Australian dollar broke through 0.72365 resistance; AU employment data at 11.30hrs

What is going on now with AUD/USD?

AUD/USD: The Australian dollar failed to break out at 0.72365 in yesterday's session and fell to 0.71980 support. The pair bounced at 0.71980 support during the European session and made its way up to 0.72305. The Australian dollar has been progressing well to the upside in the past two trading session with higher highs and higher lows. The pair is also trading above its 500 EMA in the 60 minutes price chart, 

Our forecast

AUD/USD: The Australian dollar broke through strong resistance at 0.72365 in this mornings session but still has to remain above 0.72520 to continue to the upside. The pair could pull back to 0.72105 if it fails to remain above 0.72365

Support/ Short -  0.72365, 0.72105, 0.71980, and 0.71745

Resistance/ Long - 0.72520, 0.72600, 0.72835, and 0.72990

Chart 1: The short-term view of the AUD/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points

Chart 2: The short-term view of the AUD/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points

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