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

 

 

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