AUD/USD Price Analysis: The price looks set to move above 0.73 once again
- AUD/USD trades 0.30% higher after a couple of tough sessions.
- The price has found some support after the NFP data.
AUD/USD Price Analysis
AUD/USD has pushed higher today while some of the other majors struggled. Most of the majors have recovered after the USD gained some short term strength following the US non-farm payroll data. Both the unemployment and NFP numbers beat analyst consensus estimates but many of the jobs added have been proved to be government jobs. A large amount of hiring came from Census workers, whose rolls increased by 328,000.
Looking at the chart, the price bounce off the red support level at 0.7239. The price has been moving smoothly in a channel for some time now (marked in black). This looks like a classic trend continuation structure and the price now test the previous highs. If the channel low does break then the blue horizontal line could be the next support zone at 0.7145.
Looking at the indicators, the MACD the signal lines have dipped below the mid-level and the histogram is firmly in the red. The Relative Strength Index is also bearish below the 50 line but the indicator is moving away from the oversold area.
Overall, this is still a pretty strong uptrend. The market is still making higher highs and higher lows on the higher timeframes. It is still too early to call a change in trend but a break of the channel could be an indication.
-637348460642192319.png)
Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
