AUD/USD chart - Trading View
AUD/USD largely unperturbed by the downbeat Australian jobs data, was trading marginally lower at 0.7137 at around 04:00 GMT.
The latest weekly employment data released by the Australian Bureau of Statistics (ABS) showed the total payrolls fell 1.1% between mid-June and mid-July.
Weakness in numbers was in the wake of the fresh regional lockdowns as Victoria saw a fresh wave of coronavirus infections.
On the weekly charts the pair is extending gains after breakout at weekly cloud. Momentum is strongly bullish.
Major and minor trend as evidenced by the GMMA indicator are bullish. ADX and MACD also support gains.
The pair is currently hovering around 61.8% Fib at 0.7131. Next major bull target and strong resistance aligns at 200W MA at 0.7259.
On the flipside, 5-DMA is immediate support at 0.7124. Break below will see dip till 21-EMA at 0.7020.
Major Support Levels:
S1: 0.7124 (5-DMA)
S2: 0.7070 (200H MA)
S3: 0.7020 (21-EMA)
Major Resistance Levels:
R1: 0.72 (Psychological level)
R2: 0.7259 (200W MA)
R3: 0.7347 (Upper W BB)
Summary: Major trend in the pair is bullish. Pullbacks likely to be shallow. Fitch Ratings, in its latest review report released on Tuesday, affirmed China's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'A+' with a Stable Outlook. Downside is likely to remain capped. 200W MA at 0.7259 in sight.
