AUD/USD remains biased higher, with downside attempts capped above 0.6555


  • Aussie's reversal has been contained above 0.6555, which leaves the positive momentum intact.
  • The pair withstood the bullish US Dollar reaction after the NFP release. 
  • A clear break of the 0.6620-0.6630 resistance area would confirm a trend shift.

Australian Dollar’s reversal from Thursday’s highs has been contained above the 0.6555 support area, despite the strong US Dollar reaction to the upbeat US employment data. This keeps bulls hopeful of a deeper recovery, with their focus on the resistance area above 0.6600.

US Nonfarm Payrolls increased beyond expectations in March to close a strong first quarter, although a certain moderation observed in the yearly wage growth maintains hopes of Fed cuts alive. This has put a lid on the USD rally which leaves the pair’s bullish momentum intact.

The weekly chart is forming a large bullish candle which signals a potential change in the broader bearish trend. A break of the 0.6620-0.663030 resistance area would confirm the trend change and expose the 0.6670 top. Support levels remain at 0.6555 and 0.6500.

AUD/USD

Overview
Today last price 0.6581
Today Daily Change -0.0007
Today Daily Change % -0.11
Today daily open 0.6588
 
Trends
Daily SMA20 0.6558
Daily SMA50 0.6545
Daily SMA100 0.6602
Daily SMA200 0.6546
 
Levels
Previous Daily High 0.6619
Previous Daily Low 0.6561
Previous Weekly High 0.6559
Previous Weekly Low 0.6486
Previous Monthly High 0.6667
Previous Monthly Low 0.6478
Daily Fibonacci 38.2% 0.6597
Daily Fibonacci 61.8% 0.6583
Daily Pivot Point S1 0.656
Daily Pivot Point S2 0.6532
Daily Pivot Point S3 0.6502
Daily Pivot Point R1 0.6617
Daily Pivot Point R2 0.6647
Daily Pivot Point R3 0.6675

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

EUR/USD drops toward 1.0600 on unabated US Dollar demand

EUR/USD drops toward 1.0600 on unabated US Dollar demand

EUR/USD drops toward 1.0600, extending its decline for a third consecutive day early Tuesday. The pair remains undermined by tariffs threat likely under US President-elect Donald Trump and on increased bets for ECB rate cuts. Germany's ZEW survey and Fedsepak are awaited. 

EUR/USD News
GBP/USD falls further to test 1.2800 after UK employment data

GBP/USD falls further to test 1.2800 after UK employment data

GBP/USD intensifies its downside momentum, attacking 1.2800 after the UK labor data showed that the ILO Unemployment Rate jumped to 4.3% in quarter to September versus a 4.1% print expected. The losses could be capped by hot wage inflation. Focus shifts to Fedspeak amid sustained US Dollar strength. 

GBP/USD News
Gold price slides below $2,600 for the first time since September 20 on stronger USD

Gold price slides below $2,600 for the first time since September 20 on stronger USD

Gold price continues losing ground through the first half of the European session on Tuesday and slips below the $2,600 mark for the first time since September 20. Investors continue to pile into the so-called Trump trade, which lifts the US Dollar to over a four-month peak. 

Gold News
BNB Price Forecast: Bullish technical pattern validated, eyes all-time high

BNB Price Forecast: Bullish technical pattern validated, eyes all-time high

Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.

Read more
Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out

Five fundamentals: Fallout from the US election, inflation, and a timely speech from Powell stand out Premium

What a week – the US election lived up to their hype, at least when it comes to market volatility. There is no time to rest, with politics, geopolitics, and economic data promising more volatility ahead.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures