Forex Trading: AUDUSD Technical Analysis – January 24, 2020
The AUD plummeted against the USD on the last day of this trading week with the red candle tag appearing on the graph. The fall takes AUDUSD’s price to less than 0.6900. When we take a look at the graph then we come to know that from the beginning of the month AUD’s self suffered a very poor time. Yesterday’s unfavorable full-time employment news does not encourage the price to take a step forward. Therefore, due to the higher low move in the last upside move of the AUDUSD, the technical bias remains bearish.
AUD/USD: Technical Analysis
AUDUSD is now standing at the price of 0.6850 on the graph below. With the aid of the support levels, AUDUSD is fortunate with these levels which will soon raise the price from the level mentioned, at very first there is the immediate trendline of 0.6828, afterward, there is 61.8% of Fib level and then at 0.6670, the price has the major horizontal support.
On the other hand, the price may across the levels of resistance, that other than unfavorable news also becomes the obstacle to price rise, as in the graph above. The price will immediately face a significant horizontal resistance of 0.6851, soon after that, if the price moves forward then the confluence of two trendlines might hit it at 0.6880, and then it also gets hit of the Fibonacci level of 06649 a bit far.
AUD Full-Time Employment
Full-Time Employment declined from 3.3 K to -0.3 K, reported by Australian Statistician, is the total number of people over a given age who were in paid or self-employed jobs in a limited reference period. Paid employment includes people who worked or had a job in the reference period but were temporarily absent from work.
Nowadays the AUDUSD creates an opportunity to invest their money and benefit from the price movement for short- and medium-term traders. Yet as long as the technical bias remains bearish, those who want to trade for a long time must wait until they are favored by the market.