FX:AUDUSD   Australian Dollar/U.S. Dollar
60 0 0
Current trend

The data for March showed unemployment in Australia was down by 0.1% to 5.7%. A decline in unemployment rate indicates a favorable situation in the labour market and strengthens the national currency. The indicator of employment change exceeded the forecast and came in at 26.1K that suggests an increase in consumer spending and has a positive impact on economic growth. Amid these favorable statistics, the AUD/USD             pair gained 70 points.
Data on Consumer Price Index are due today in the US. If favorable forecast is confirmed, a growth in the pair can slow down.

Support and resistance

On the 4-hour chart, the pair is trading between the upper and the middle MAs of Bollinger Bands . MACD histogram is in the positive zone; its volumes are growing. Stochastic is directed up near the border of the overbought zone.

Support levels: 0.7670, 0.7640, 0.7620, 0.7600, 0.7200, 0.7590, 0.7560, 0.7540, 0.7520, 0.7500.
Resistance levels: 0.7700, 0.7710, 0.7720, 0.7740.

Trading tips

After the price consolidates above the level of 0.7700, long positions can be opened from the level of 0.7710 with targets at 0.7750, 0.7800 and stop-loss at 0.7690.

Short positions can be opened from the level of 0.7670 with targets at 0.7640, 0.7620 and stop-loss at 0.7690.
Validity – 2-3 days.
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