The Australian Dollar slips down today against the US Dollar decreasing the price to less than 0.6900. The price decreases after a piece of major news broke. The technical bias might remain bullish since a higher high pattern was printed on the graph during the last upside move. Even though the trend is bullish, the price fell drastically over the past few days.
AUDUSD: Technical Analysis
As of this writing, the pair is being exchanged for a price tag around 0.6809. Down below the current level, multiple supports may be seen which may prevent the price from decreasing further. The foremost support level which may come across the price stands around 0.6775, ahead of the Fibonacci level which may come around 0.6767. It’s a 23.6% Fib level support which may act as a strong support level restricting the price to stay above the said level before it meets another support level at 0.6670, the low of October 02, 2019 as shown in the graph below.
On the other hand, a bunch of resistance levels can be seen on the graph likely to come across the price one after the other to prevent the price from moving upside. The price may come across a major horizontal resistance and trend line resistance around 0.6827 and 0.6909 respectively. If the price succeeds in passing through the said levels, it may meet the third resistance level around 0.7081, the high of July 07, 2019.
Australian Employment Change Economic Release
Looking through a fundamental point of view, the rate of employment change released by the Australian Bureau of Statistics measures the net change after considering employed people in Australia. It is considered as one of the key factors which can have both the positive of negative implications of the country’s economy. It also shows the level of consumer spending. Generally speaking, a high reading in the regard is seen as positive for the Australian Dollar and vice versa.
Considering the overall price movement of the AUDUSD for the last couple of days, trading the pair around current levels is not suggested.