AUD/USD technical analysis: Sticks to upbeat Aussie jobs data-led strong gains


  • 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

fxsoriginal

AUD/USD

Overview
Today last price 0.6787
Today Daily Change 0.0028
Today Daily Change % 0.41
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

 

 

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.

Feed news

Latest Forex News

Editors’ Picks

AUD/USD: Nears six-week low of 0.6835 on the break of 100-day SMA

AUD/USD extends its four-day-old declines while flashing fresh six-week low of 0.6835 during early Wednesday. The pair registered its first daily closing below 100-day SMA since early December on Tuesday.

AUD/USD News

USD/JPY drops to weekly low near 109.80 as fears of SARS return remain in focus

USD/JPY extends the previous day’s losses to 109.80, the weakest since January 07, while entering the Asian session on Wednesday. The pair registered heavy losses on Tuesday as news of China’s virus outbreaks gone viral.

USD/JPY News

Coronavirus FX Selloff, CAD Prime for Bank of Canada Breakout?

The most influential story for the financial markets today was reports that the first US case of corona virus has been confirmed. This deadly virus is spreading across the globe creating concerns about the impact on travel and consumer spending.

Read more

Gold: Stays below $1,560 following Tuesday’s bearish spinning top

Gold remains on the back foot while trading around $1,556.90 during the Asian session on Wednesday. The yellow metal portrayed a bearish candlestick formation, backed by bearish MACD, during the previous day.

Gold News

GBP/USD: Aims to revisit 200-hour SMA, immediate support trendline

GBP/USD registers mild losses while trading around 1.3045 during Wednesday’s Asian session. The pair earlier reversed from 50% Fib retracement of its fall from Jan 07 to 14. A two-week-old falling trend line adds to the resistance.

GBP/USD News

Forex MAJORS

Cryptocurrencies

Signatures