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Market Analysis

Home » Featured » AUDUSD Could Continue To Trade Higher

AUDUSD Could Continue To Trade Higher

Posted by FXTimes in Featured - November 19th, 2015 3:15 pm GMT

Aussie dollar AUDUSD AUDNZD

Key Points

  • Aussie Dollar had a decent past couple of sessions against the US Dollar, as the AUDUSD pair traded higher.
  • There was a major bearish trend line formed on the hourly chart, which was broken during the upside drift.
  • US Initial Jobless Claims released by the US Department of Labor posted a decline from the last reading of 276K to 271K as expected by the market.
  • US Continuing Jobless Claims came in at 2.175M, which was more than the forecast of 2.170M.

Technical Analysis

As mentioned the AUDUSD pair spiked higher during the past couple of sessions, and traded above a major bearish trend line on the hourly chart. The pair also settled above the 100 and 50 simple moving average which is a positive sign and may encourage buyers in the near term.

AUDUSD

The pair is currently correcting lower, and may find support near the 23.6% Fib retracement level of the last wave from the 0.7065 low to 0.7178 high.

On the upside, a break above the last high of 0.7176 could push the AUDUSD pair towards 0.7200.

US Initial Jobless Claims

Today, the US Initial Jobless Claims, which is a measure of the number of people filing first-time claims for state unemployment insurance was released by the US Department of Labor. The forecast was slated for a decrease from the last reading of 276K to 271K. The outcome matched the forecast, but the disappointing part was the US Continuing Jobless Claims as it posted a reading of 2.175M, which was more than the forecast of 2.170M.

Overall, there was nothing major to cheer for the US Dollar buyers, but there was a minor downside reaction in AUDUSD.

The stated correction can extent a few more pips, but may be seen as a buying opportunity.

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