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  |   Technicals


FxWirePro: AUD/USD rangebound, focus on Aussie Employment data

Chart - Courtesy Trading View 

AUD/USD was trading largely unchanged on the day at 0.7024 at around 05:30 GMT, pausing a 3-day bullish streak. 

Aussie buoyed across the board after RBA minutes sounded more hawkish than expected.

The minutes showed that the RBA policymakers were also considering the options of elevating interest rates by 40 bps.

The minutes also showed that the RBA has started advancing its interest rate curve from its rock-bottom levels.

Focus now remains on the release of Australia employment data on Thursday.  

Analysts expect 30k job additions to the labour force, higher than the prior print of 17k. While the Unemployment Rate is likely to improve to 3.9% from the former figure of 4%.

AUD/USD intraday bias has turned bullish. Price action is above 200H MA and momentum is turning bullish. 

Major Support Levels: 0.70, 0.6962 (5-DMA), 0.6823 (Lower BB)

Major Resistance Levels: 0.7069 (20-DMA), 0.7084 (21-EMA), 0.7141 (200-week MA)

Summary: AUD/USD major trend remains bearish, but signs of minor bullishness seen on the intraday charts. Scope for test of 21-EMA at 0.7084. 

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