AUD/USD’s steam dissipating ahead of 0.9400

Ross J Burland FXStreet

FXStreet (Guatemala) - AUD/USD is trading at 0.9384, up 0.61% on the day, having posted a daily high at 0.9397 and low at 0.9318.

AUD/USD is held up ahead of the 0.94 handle after a positive trading session overnight in Asia. AUD/USD attracted bids after better labour markets in April and much better that expected trade numbers from China. Jane Foley, Senior Currency Strategist at Rabobank explained that the strong Australian employment release provides further support for the opinion that the next policy move from the RBA will be a hike.

AUD/USD Levels

With spot trading at 0.9385, we can see next resistance ahead at 0.9391 (Daily Classic R3), 0.9397 (Daily High), 0.9424 (Monthly High), 0.9424 (YTD High) and 0.9448 (Weekly Classic R3). Support below can be found at 0.9384 (Weekly Classic R2), 0.9374 (Daily Classic R2), 0.9371 (Hourly 20 EMA), 0.9357 (Yesterday's High) and 0.9351 (Daily Classic R1).

AUD/USD chart formations

Looking to candlestick patterns, we can see a Doji formation on the 4-hour chart.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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