AUD/USD Price Analysis: Stretches Aussie jobs data-led gains towards 0.7800
- AUD/USD stays bid near weekly top amid broad market optimism, upbeat Australia employment data.
- Two-week-old resistance line lures buyers, 200-bar SMA joins late-December, early-January levels to challenge bears.
AUD/USD keeps Australia employment report-backed upside momentum while taking the bids near 0.7772, up 0.31% intraday, during early Thursday. In doing so, the quote refreshes the weekly top.
Considering the bullish MACD and sustained trading above 0.7640/45 support confluence, comprising December 27 top, January 04 low and 200-bar SMA, favor AUD/USD buyers. Also favoring the upside momentum could be the Aussie jobs report and Joe Biden’s arrival in the White House as the 46th US President.
Read: AUD/USD: Muted reaction to bigger-than-expected drop in Aussie Unemployment Rate
As a result, the latest upside momentum eyes a downward sloping trend line from January 06, at 0.7800 now, ahead of probing the monthly top near 0.7820.
During the quote’s further rise past-0.7820, March 2018 peak surrounding 0.7920 will be the key.
Alternatively, a weekly support line near 0.7710 can probe the counter-trend traders ahead of highlighting 0.7645/40 support area.
However, a daily closing below 0.7640 will be enough to recall the late-December lows near 0.7460.
AUD/USD four-hour chart
Trend: Bullish
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
