AUD/USD: neutral, bullish only beyond 0.7510

Valeria Bednarik FXStreet

AUD/USD Current price: 0.7432

The AUD/USD pair peaked at a 2-week high of 0.7466, following the release of much better-than-expected Australian employment figures during the past Asian session, but the pair quickly retreated, weighed by the soft tone in local equities, also rejected by a key technical level. In April, the unemployment rate decreased to 5.7% from previous 5.7%, despite the participation rate remained steady at 64.8%, this last beating expectations of 64.7%. 37,400 new jobs were added in the month, against 5,000 expected, although full-time employment was down 11,600 while part-time surged by 49,000. The tricky headline on jobs' creation has been a long issue in Australia, with poor figures in full-time jobs being the main drag for the local currency within the report. The intraday decline stalled around 0.7400, mostly due to the absence of dollar's demand. From a technical point of view, the price has faltered at a daily descendant trend line coming from this year high of 0.7749. The intraday stance is neutral-to-bullish as the price is holding above a bullish 20 SMA, whilst technical indicators stand above their mid-lines, although with no directional strength. At this point, only a recovery beyond 0.7510 will support an upward extension for the following sessions.

Support levels: 0.7390 0.7550 0.7310

Resistance levels: 0.7465 0.7510 0.7550

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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