Forex Trading: AUDUSD Technical Analysis – December 19, 2019
On Thursday morning, by increasing the price to more than 0,6800, the Australian Dollar (AUD) is strengthening against the U.S. Dollar (USD). The price increase follows the publication of major economic news. With regard to the technical bias, it will remain bullish as in the last downside move its printed lower high move in the graph
AUD/USD: Technical Analysis:
As of now, AUDUSD is being quoted at the price of 0.68717 with the different levels of resistance that may restrict the price to rise above the said level. the first resistance level may hit the price at 0.6993, the trendline resistance ahead of 0.6997, the coincidence of trend line and 61.8%Fib level and then the major horizontal resistance of 0.7202 stands, as demonstrated in the graph below.
On the downside, the level of support that acts as a shield to sustain the current level of price. The price of the pair got first horizontal support at 0.6844, shortly thereafter the trendline support of 0.6840, then at 0.6882, the price is supported by 61.8% Fibonacci level as shown in the above graph.
AUD Employment Change
From the fundamental point of view, the Employment Change reported by the Australian Statistics Bureau showed an optimistic reading of 39.9 K that significantly increases on -19 K, even downbeat the 14 K, economist’s forecast. An improvement in this measure has positive effects on consumer spending that boosts economic growth.
The market is opening its doors to traders of short to medium position holders, as AUDUSD is on the bullish pattern shown on the graph above. Yet the market may not be beneficial to long-standing traders, as there are fewer chances that the pair’s price may be higher than that.