LiteForex_Official

AUD/USD: flat after yesterday's growth

FX:AUDUSD   Australian Dollar/U.S. Dollar
65 0 1
Current trend

Today, the AUD/USD             pair is keeping its positions though the US dollar             is strengthening against other currencies . On Thursday, the Australian dollar             gained significant support from strong labour market statistics, released in Australia. Thus, Unemployment Rate declined from 6.2% to 5.9% in October, while Employment Change indicated a growth by 58.6K that is about four times above the forecast.
Australia's economy is export-oriented, thus, it will benefit from a weaker national currency. At the same time, China, as Australia's biggest trading partner, is showing clear signs of economic slowdown, lowering inflation and weakening domestic demand.

Today, attention needs to be paid to Retail Sales for October and Reuters/Michigan Consumer Sentiment Index for November, due in the US. Favorable statistics will strengthen the US dollar             .

Support and resistance

On Thursday, the price strengthened to the resistance level of 0.7150 (EMA50 on the daily chart , the upper border of a downward channel and EMA200 on the 4-hour chart).
On the 4-hour chart, OsMA and Stochastic indicators are turning to short positions.
If the price fails to overcome the level of 0.7150, a downward trend may resume towards 0.7030, 0.7000 (the lower border of the downward channel), 0.6950 and 06910 (September and year lows).
On the daily chart , OsMA and Stochastic recommend long positions, indicating that the price may continue correcting up and breakout the level of 0.7150.

Support levels: 0.7100, 0.7030, 0.6950, 0.6910.
Resistance levels: 0.7150, 0.7190, 0.7325, 0.7390, 0.7500.

Trading tips

Short positions can be opened from the level of 0.7110 with targets at 0.7030, 0.6960, 0.6910 and stop-loss at 0.7150.
Long positions can be opened from the level of 0.7170 with targets at 0.7210, 0.7300, 0.7380 and stop-loss at 0.7140.
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