Forex Trading: AUDUSD Technical Analysis – January 03, 2020
It’s a good start for the AUD at the beginning of the new year, rising higher against the USD over the last three days, slowly struggling to recover against the USD and to some extent achieving it. The price rise is attributed to Australia’s Favorable News. The price increase rises to more than 1,0400. Whereas talking about the technical bias, it remains bearish, due to lower low wave printed on the graph on the downside move.
AUD/USD: Technical Analysis
At times, the AUDUSD is being offered at the price of 1.0428, but with the number of resistance levels that might stop its forward movement, the first resistance comes at 1.0439, this is the immediate trend line resistance, soon after it, there is the 23.6% fib level of 1.0484, and then the price might face the major horizontal resistance of 1.06155, as exhibited in the graph below.
Speaking of the support levels that might help the price to sustain around the current level, and also protect it from further dropping. the first support level the price may receive at 1.4006, a trendline support level, soon after it, there is another support level at 1.3990, and then major horizontal support comes at 1.0361, as shown in the graph above.
AUD Employment Change
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).
Although the price of AUDUSD is growing, strong support is still needed to push the price up. The market is therefore volatile for both small and medium-sized investors.