- Breaks through 0.6755-60 supply zone on upbeat Aussie employment details.
- The intraday set-up seems in favour of bullish traders, though warrant some caution.
The AUD/USD pair got a strong boost during the Asian session on Thursday and rallied back closer to the 0.6800 handle in reaction an unexpected downtick in the Aussie unemployment rate.
Given the overnight late rebound from weekly lows, a sustained move beyond a confluence resistance near the 0.6750-55 region was seen as one of the key triggers for bullish traders.
The pair now seems to have found acceptance above 50% Fibonacci level of the 0.6895-0.6671 recent slide and seems poised to build on the momentum further beyond weekly tops.
This coupled with the fact that technical indicators on 4-hourly/daily charts have again started gaining bullish momentum further reinforces the intraday constructive set-up.
However, oscillators on the 1-hourly chart are already flashing slightly overbought conditions and might turn out to be the only factor holding investors from placing aggressive bullish bets.
Hence, it will be prudent to wait for some consolidation or a modest pullback before traders again start positioning for any further appreciating move towards 0.6840 supply zone.
Meanwhile, any meaningful slide now seems to attract some dip-buying interest and help limit the downside near the mentioned resistance breakpoint – around mid-0.6700s.
AUD/USD 1-hourly chart
|Today last price||0.6787|
|Today Daily Change||0.0028|
|Today Daily Change %||0.41|
|Today daily open||0.6759|
|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|
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.