The Australian Dollar skyrockets against the US Dollar since the last week. It inched higher this morning too, increasing the price to more than 0.6900. The price increase follows the release of major economic news. As far as the technical bias is concerned, it might remain bullish since the price marked a higher high during the last upside move as shown in the graph below.
AUD/USD: Technical Analysis
As of now, the AUDUSD is being exchanged around 0.6984, while moving upside, the price may come across a resistance level near 0.7042, the trend line resistance which may prevent the price from increasing further ahead of 0.7100, the psychological number and then 0.7205, the higher of April 17, 2019, may resist the price making it sticks around the said level as shown in the graph below.
On the other hand, the support levels may also be seen on the downside with first support level being the trend line support which may hit the price near 0.6945 helping it to sustain around the said level ahead of 0.6874, the 68.1% Fib level and then 0.6796, the confluence of a trend line and major horizontal support level may prevent the price from decreasing below this level as shown in the graph above.
AUD Employment Change
From a fundamental point of view, the Employment Change released by the Australian Bureau of Statistics placed its remarkable effects on price increases, rising from -19 K to 39 K and also beating the expectations of the 14 K by the economist.
In general, an increase in this indicator has a positive impact on consumer spending that stimulates economic growth. A high reading is therefore viewed as positive (or bullish) for the AUD, whereas a low reading is perceived as negative (or bearish).
AUDUSD offers an opportunity for investors to both the short and long-term traders.