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Dec 08, 2016

11:03 PM EDT


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Market Analysis

Home » Technical Analysis » Daily » AUD » AUDUSD Facing Resistance After Monster Ride

AUDUSD Facing Resistance After Monster Ride

Posted by FXTimes in AUD - March 17th, 2016 12:29 pm GMT

Euro EURAUD aussie dollar

Key Points

  • Australian Dollar rocketed higher against the US Dollar during the past few hours, and reached towards 0.7650.
  • There is a resistance trend line on the hourly chart of the AUDUSD pair, which acted as a hurdle for more gains.
  • Today, the Australia Employment Change published by the Australian Bureau of Statistics came in at 0.3K in Feb 2016, which was a lot worse when compared with the market expectation of 10.0K.
  • However, the Unemployment Rate was down from 6% to 5.8% in Feb 2016.

Technical Analysis

The Aussie Dollar enjoyed a nasty ride higher against the US Dollar, as the Australia Unemployment Rate exceeded the market forecast and pushed the AUIDUSD pair higher. However, the upside was stalled near a resistance trend line on the hourly chart of the AUDUSD pair.

AUDUSD

It looks like the pair may correct a few pips down from the current levels, but could find support near the 23.6% Fib retracement level of the last leg from the 0.7418 low to 0.7654 high.

On the upside, a break above the 0.7650 may call for a move towards the 0.7700 area.

Australian Employment Change

Earlier during the Asian session, the Australian Employment Change report, pointing towards the change in the number of employed people was published by the Australian Bureau of Statistics. The market was slated for a reading of 10K in Feb 2016, but the result was disappointing. The Australian Employment Change came in at 0.3K in Feb 2016. However, the Unemployment Rate was down from 6% to 5.8% in Feb 2016.

The report added “Employment increased 300 to 11,884,000. Full-time employment increased 15,900 to 8,192,600 and part-time employment decreased 15,600 to 3,691,500”.

Overall, the AUDUSD pair is trading with a positive tone, and any major corrections can be considered as a buy opportunity.

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