Forex Trading: AUDUSD Technical Analysis – March 03, 2020

It’s good that the Australian Dollar consistently inched higher against the US Dollar on the first two days of this new month. With a price of more than 0.6500 and a green-labeled tag on the graph, this progress step is made. Hopefully, it will continue to grow and thereby regain the ideal position that it has lost since the beginning of the year. And it is due to US adverse news that somewhat strengthens the influence of the Australian currency. As far as the technical bias is considered, it might remain bearish for a while, due to a higher low wave in the last upside move of the graph.

AUD/USD: Technical Analysis

Today at the price of 0.6554, the AUDUSD quoted itself on the graph. Even though the price is raised consistently but it still has the number of resistances that try their best to not allow the price to move upward, at first, the Fibonacci level resistance might strike it at 0.6573, afterward the trendline resistance at 0.6677, and then the major horizontal resistance may come at 0.6713.

AUDUSD

By raising itself from the past a bit, it gets the help of the support levels that not only protect it from dropping but also try to push it toward the forward direction. The first combination of two trendlines supports assisted the price at 0.6509, ahead of the psychological number at 0.6500, and then the major horizontal support aid it at 0.6489.

US Initial Jobless Claims

Fundamentally, The Initial Jobless Claims reported by the U.S. Department of Labor which raised its number from 211 K to 219 K, calculating the number of people filing for state unemployment insurance for the first time. A greater than expected number indicates instability in this market which influences the US economy’s strength and direction.

Trade Idea

Circumstances from the past are better, but there is still a risk for stakeholders, while people who still hold the stock may hold it and wait until the situation gets slightly better.

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