AUD/USD forecast a bull trend with the key resistance level

Australian Dollar ($) has actually given a nice boost and has gained a ‘Bullish’ traction. While there has been a local unemployment data that has actually released at the beginning of the year. In a day time, the currency pair ‘AUD/USD’ shown a nice boost while there has seen the greenback rising at the point of 0.7381.

Australian Dollar ($) has actually given a nice boost and has gained a ‘Bullish’ traction. While there has been a local unemployment data that has actually released at the beginning of the year. In a day time, the currency pair ‘AUD/USD’ shown a nice boost while there has seen the greenback rising at the point of 0.7381.

Australia has added few jobs in October, while there has a local employment data that was released at the beginning of the day. There has been significant rise against the greenback which has actually shown an increase in the employment data which added a job as much as 32.7K in the part time, while there has been around 42.8K full time job opportunities.  The unemployment rate has became steady at 5% which was one of the crucial indicator about why there was a whopping increase in the currency rate.

List of Important events:

  •  In an impressive Aussie jobs report which has helped up the currency pair ‘AUD/USD’ to catch some aggressive bids.
  • There have been massive sub-due USD price action/positive commodity prices remained supportive.
  • The Traders have hit a bull in the US economic releases for some fresh bullish impetus.

On a technical Front:

The currency pair’AUD/USD’ from now seems to be found a major acceptance has been trading above 100-day SMA which has been following an up-move beyond the 0.7321 level that will handle the confirmation that tends to be a near-term bullish breakout. There has been several market participants who are looking forward to the US economic data which have highlighting the release of monthly retail sales data, along with the initial weekly unemployment claims and regional manufacturing indices

The currency pair ‘AUD/USD’ has been built on the strong Aussie jobs data that has led to a positive momentum and have been touched 1-week tops, which has been trading around the 0.7285 region.    

 Technical levels to watch

In a sustained move, there has been 0.7321, which has climbed up a fresh bout of short-coming which is likely to accelerate the trend towards 0.7381 heavy supply zone there has been some intermediate resistance near mid-0.7300s.

On a flip side, there is a 100-DMA, around the 0.7268 region, now seems to protect the immediate downside, in return there has been broken which might have turn the pair into quite vulnerable which has head back to 0.7200 support zone.