FxWirePro: AUD/USD breaks above 0.76 barrier, good to buy dips
AUD bulls ignore poor show in the Australian jobs data, push higher to break the 0.76 handle after a surprisingly dovish FOMC. Australia´s Bureau of Statistics reveled a 0.3k increase in total employment (seasonally adju…
AUD bulls ignore poor show in the Australian jobs data, push higher to break the 0.76 handle after a surprisingly dovish FOMC.
Australia´s Bureau of Statistics reveled a 0.3k increase in total employment (seasonally adjusted) (consensus +10k). Full-time jobs came in at 15.9k vs -40.3k last (revised), while part-time saw a decline of -15.6k.
Australian unemployment rate was unchanged at 5.8% vs 6% expected, with the participation rate at 64.9% vs 65.1% last (revised).
The pair has hit session highs at 0.7618 and has edged lower to currently trade around the 0.76 handle.
Momentum still with the bulls, gains upto 0.7660 (rising channel top resistance) likely.
Strength in RSI seen at 66 levels, Stochs are biased higher and major moving averages converge higher.
Immediate resistance is seen at 0.7648 (Double top Apr 14th and July 3rd), while support on the downside is seen at 0.7536 (5-DMA).
Recommendation: Good to buy dips around 0.76 levels, SL: 0.7535, TP: 0.7645/0.7660/0.77