The Australian Dollar (AUD) inched higher against the US Dollar (USD) on Friday soon after an economic new release. The price goes up to more than 0.6700. However, the technical bias might remain bearish because of the recent higher low upside move.
AUD/USD: Technical Analysis
As of this writing, the AUDUSD is being asked for the price tag around 0.6771. As the price moves upside, it is likely to face some resistance near 0.6827, the major horizontal resistance which might keep the price below the said level ahead of 0.6891, the trend line resistance where the price may struggle to pass through as well. Then comes the Fibonacci level around 0.6923 as shown in the graph below.
Coming towards the downside, the trend line support may be noted around 0.6738 ahead of 0.6700, the psychological number and then 0.6670, the low of October 02, 2019 might help the price to stay above the said level as shown in the graph above.
Australia Unemployment Rate Economic Release
From a fundamental standpoint, the Australian Bureau of Statistics releases the rate of unemployment in Australia. It measures the numbers of unemployed workers after taking a percentage of the total labor force being employed. The higher rate suggests a lack of expansion within the labor market of Australia which leads to a weaker country’s economy. Generally speaking, a decreased figure is considered positive for the AUD, while an increase suggests a bearish market for the AUD.
Trading the AUD/USD around current levels for either short term or long term position might not work.