AUD/USD extends gains to weekly highs, approaches 0.6800

US Dollar Index tumbles after US economic data.
US stocks rise on Thursday, the Nasdaq leads with a 1.40% gain.
AUD/USD up by almost a hundred pips, approaches 0.6800.

Matías Salord FXStreet

The AUD/USD gained momentum after the release of US Data and continued to move higher during the American session amid risk appetite. The pair is hovering around 0.6778, at the highest level since April 4.

Earlier on Thursday, the Australia Employment report surprised with a 53K job gain in March above the 20K of market consensus. Analysts at ANZ, don’t think this will be enough for the Reserve Bank of Australia “to return to hiking the cash rate in May, given its reasoning for pausing in April: to assess the impacts of the cumulative 350bp of hikes delivered so far, given the long lags of monetary policy.”

The Aussie rose modestly after the jobs report, with AUD/USD climbing back above 0.6700. The rally took place after the release of US economic data, with wholesale inflation falling more than expected in March and Jobless Claims pointing to a softer labor market. Those number triggered a dollar sell-off and boosted risk appetite.

The context on Thursday favors commodity currencies. AUD/USD is up by almost a hundred pips and NZD/USD has broken above 0.6300.

Looking at 0.6800

The AUD/USD is trading at 0.6776, the highest level in a week and is testing the 55-day Simple Moving Average. A break above would turn the attention to the 0.6800 area.

The technical outlook looks constructive for the Aussie in the short-term. A slide under 0.6600 would strengthen the US Dollar.

Technical outlook

AUD/USD

Overview
Today last price	0.6774
Today Daily Change	0.0084
Today Daily Change %	1.26
Today daily open	0.669

Trends
Daily SMA20	0.6689
Daily SMA50	0.6758
Daily SMA100	0.68
Daily SMA200	0.6745

Levels
Previous Daily High	0.6723
Previous Daily Low	0.6649
Previous Weekly High	0.6793
Previous Weekly Low	0.6641
Previous Monthly High	0.6784
Previous Monthly Low	0.6564
Daily Fibonacci 38.2%	0.6695
Daily Fibonacci 61.8%	0.6677
Daily Pivot Point S1	0.6652
Daily Pivot Point S2	0.6613
Daily Pivot Point S3	0.6577
Daily Pivot Point R1	0.6726
Daily Pivot Point R2	0.6762
Daily Pivot Point R3	0.6801

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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