AUD/USD end weeks higher, hovering around 0.8000

AUD outperforms during the week on the back of positive Australian economic data.
AUD/USD posts highest weekly close since September 2017.

Matías Salord FXStreet

The AUD/USD pair was about to end Friday flat, hovering around 0.8000, consolidating strong weekly gains. It continues to move with an upside bias but it found resistance around the 0.8030 area.

The Australian dollar was among the top performers in the currency market during the week. On Thursday the Aussie received a boost from the Australian jobs report that surpassed expectations. That day AUD/USD moved decisively away for 0.7950/60 and opened the door to more gains.

On Friday, the pair climbed to 0.8037, the highest in four months before retreating back to 0.8000 where it was about to end the week, 85 pips above the level it had a week ago. It is the sixth weekly in-a-row.

Levels to watch

Now the pair is challenging the 0.8030/40 zone. A break higher could target 0.8065 and then attention would turn to 0.8120/25, the 2017 high (intraday). On a wider perspective, the bullish tone is likely to remains in place as long as price holds above 0.7850/70.

To the downside, now the 0.7950/60 area is the immediate strong support followed by 0.7935 (Jan 16, 17 & 18 low), 0.7900 and 0.7875.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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