Yesterday the pair strengthened amid the publication of mixed data from the US. Today, however, the AUD was pressured by poor data on the Australian labour market. The Unemployment Rate grew to 6.0%, while the Employment Change fell by 7.9 thousands. Both indices came out worse than their forecasts.
Today attention needs to be paid to data on Initial Jobless Claims for the previous week from the US. The figure is forecasted to grow that might pressure the USD.
Support and resistance
On the daily chart, the pair is trading in the upper Bollinger band. The price remains below the EMA100 and EMA144 directed horizontally, but above the EMA50. MACD histogram is in the positive zone and its volumes are growing. ADX is falling, and DI line are heading down as well.
Support levels: 0.7127, 0.7070, 0.7000, 0.6953, 0.6906, 0.6830.
Resistance levels: 0.7200, 0.7296, 0.7340, 0.7380.
Long positions can be opened from the level of 0.7200 with targets at 0.7250, 0.7300 and stop-loss at 0.7180. Validity – 1-2 days.
Short positions can be opened from the level of 0.7120 with the target at 0.7070 and stop-loss at 0.7150. Validity – 1-2 days.