AUD/USD Forecast – Aussie Dollar may Trade Further Higher Vs US Dollar

AUD/USD Forecast – Aussie Dollar may Trade Further Higher Vs US Dollar

  • – The Aussie Dollar gained upside momentum and moved above the 0.7500 resistance against the US Dollar.
  • – The AUD/USD pair is currently testing a key bearish trend line with resistance at 0.7545 on the hourly chart.
  • – Recently in Australia, the Employment Change for April 2018 was released by the Australian Bureau of Statistics.
  • – The outcome was above the forecast of 20K as there was a change of 22.6K in the employment.

Australia’s Employment Change

Recently in Australia, the Employment Change for April 2018 was released by the Australian Bureau of Statistics. The market was positioned for a change of 20K in the employment compared with the last reading of 4.9K.

 

The actual result was above the forecast of 20K as there was a change of 22.6K in the employment. However, the unemployment rate posted a rise from the last reading of 5.5% to 5.6%. The report stated that:

 

Unemployment increased 10,600 to 741,000. The number of unemployed persons looking for full-time work decreased 17,100 to 506,100 and the number of unemployed persons only looking for part-time work increased 27,600 to 234,900.

 

The AUD/USD pair spiked higher above 0.7520 and it seems like the pair may continue to move higher in the near term.

 

AUD/USD Technical Analysis

The Aussie Dollar found strong buying interest near the 0.7440 level against the US Dollar. The AUD/USD pair started an upside move and traded above the 0.7460 and 0.7500 resistance levels to settle above the 100 hourly simple moving average.

 

AUD/USD Technical Analysis Aussie Dollar US Dollar

 

The pair also moved above the 50% Fib retracement level of the last decline from the 0.7566 high to 0.7447 low. At the moment, the AUD/USD pair is currently testing a key bearish trend line with resistance at 0.7545 on the hourly chart.

 

The pair has to break the trend line resistance, and settle above the 76.4% Fib retracement level of the last decline from the 0.7566 high to 0.7447 low for more gains.

 

A successful close above 0.7545 and 0.7550 could clear the path for a push towards the 0.7580 and 0.7600 resistance levels. On the downside, supports are seen at 0.7520 and 0.7500 where buyers are likely to protect declines.


Also published on Medium.

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