• Upbeat Aussie employment details provided a goodish lift.
  • The prevalent USD selling bias provided an additional boost.

The AUD/USD pair built on its goodish intraday positive move and jumped to four-week tops, around the 0.6830 region in the last hour.
 
The pair added to the overnight late bounce from weekly lows and gained some strong follow-through traction during the Asian session on Thursday in reaction to an unexpected fall in the Australian unemployment rate.

Combination of factors remain supportive

This coupled with the prevalent US Dollar selling bias, amid expectations that the Fed will cut interest rates again in October, provided an additional boost and remained supportive of the ongoing positive momentum.
 
Moreover, the incoming positive trade-related headlines, wherein China's Commerce Ministry spokesman said that we are discussing "Phase 2" of a deal with the US further underpinned the China-proxy Aussie.
 
Meanwhile, the latest leg of a sudden upsurge over the past hour or so could further be attributed to some near-term short-covering move on a sustained strength above the 0.6800 round-figure mark.
 
It will now be interesting to see if the positive move marks a near-term bullish breakout or is solely led by stop-run, which runs the risk of fizzling out rather quickly amid absent top-tier US economic data.
 
Later during the early North-American session, the release of Philly Fed Manufacturing Index, housing market data and industrial production figures from the US might provide some short-term trading impetus.

Technical levels to watch

AUD/USD

Overview
Today last price 0.6824
Today Daily Change 0.0065
Today Daily Change % 0.96
Today daily open 0.6759
 
Trends
Daily SMA20 0.6754
Daily SMA50 0.6778
Daily SMA100 0.6861
Daily SMA200 0.6974
 
Levels
Previous Daily High 0.6766
Previous Daily Low 0.672
Previous Weekly High 0.6811
Previous Weekly Low 0.6704
Previous Monthly High 0.6895
Previous Monthly Low 0.6687
Daily Fibonacci 38.2% 0.6748
Daily Fibonacci 61.8% 0.6738
Daily Pivot Point S1 0.673
Daily Pivot Point S2 0.6702
Daily Pivot Point S3 0.6684
Daily Pivot Point R1 0.6776
Daily Pivot Point R2 0.6794
Daily Pivot Point R3 0.6822

 

 

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