The Australian dollar was bid on Thursday and the AUDUSD pair was seen at around 0.7040 during the US session, some 0.4% stronger on the day.

The overall Australian employment change declined sharply, but mainly due to to the fall of part-time jobs, which arent that important for the economy, while full-time jobs surged. Thus, traders chose this fact from the report and bought the Australian dollar.

From the US dollar perspective, initial jobless claims worsened slightly to 216,000 from 208,000 in the previous week, while continuing claims improved notably to 1.686 million, from 1.728 million previously.

The main resistance is now near 0.7040 and if the price breaches this level, further rally toward 0.71 could occur. On the other hand, the support for today´s trading is near the psychological level of 0.70 and while above, the short-term outlook appears bullish.

Only a breakdown below 0.70 could strengthen the bears and the next target might be near 0.6960.

Trading FX/CFDs on margin bears a high level of risk, and may not be suitable for all investors. Before deciding to trade FX/CFDs you should carefully consider your investment objectives, level of experience, and risk appetite. You can sustain significant loss.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD battling 1.1050 after the ECB, ahead of critical PMIs

EUR/USD is consolidating its losses around 1.1050 after the ECB's cautious message on Thursday. Lagarde, its president, will speak later. Forward-looking PMIs are eagerly awaited.

EUR/USD News

GBP/USD: Mildly bid above 1.3100 ahead of the key PMIs

GBP/USD gradually recovers Thursday’s losses as it takes the bids around 1.3125 ahead of the London open. The pair might have benefited from the EU-UK trade positive headlines but market players are waiting for the UK January preliminary PMIs for fresh impulse.

GBP/USD News

Forex Today: Cautious as China coronavirus spreads rapidly amid Lunar New Year holiday

The market mood remained fragile in Friday’s Asian trading, as a sense of caution prevailed amid concerns over the rapid spread of the China coronavirus outbreak globally, despite the Chinese authorities extending their containment efforts.

Read more

Gold: Portrays rising trend-channel on H4, Coronavirus in focus

Gold prices lack momentum while trading around $1,561.50 during early Friday. Even so, the bullion stays inside a short-term ascending trend-channel formation that portrays the strength of the underlying momentum.

Gold News

USD/JPY stuck in range around 109.50 amid China coronavirus concerns

USD/JPY sticks to its range play around the midpoint of the 109 handle amid rising fears of the Chinese coronavirus outbreak globally, upbeat Japanese CPI data and a minor bounce seen in the US dollar across the board. Focus shifts to US PMIs. 

USD/JPY News

Forex Majors

Cryptocurrencies

Signatures