FxWirePro: AUD/USD intraday upside momentum strong after upbeat domestic jobs data
Thursday, July 14, 2016 6:31 PM UTC
- The AUD/USD pair surged higher on Thursday, after domestic data showed an encouraging jump in full-time jobs and rally in commodities prices.
- The Aussie performed strongly during the Asian and European sessions, but slightly retreated in the US session.
- Currently, the currency pair is trading around 0.7641 levels, it is set to advance further towards 0.7700 later towards 0.7750 levels in the short term.
- Short pullback around 0.7570 should be viewed as buying opportunities, as Australian dollar is stronger against the US dollar in the short term.
- To the upside, the strong resistance can be seen at 0.7700, a break above this level would take the pair towards next resistance level at 0.7734.
- To the downside immediate support can be seen at 0.7620, a break below this level will open the door towards next level at 0.7572.
Resistance Levels
R1: 0.7673 (38.2% Retracement level)
R2: 0.7700 (Psychological levels)
R3: 0.7734 (23.6% Retracement level)
Support Levels
S1: 0.7620 (50% Retracement level)
S2: 0.7572 (61.8% Retracement level)
S3: 0.7520 (July 11th lows)