Sforex
Long

Aussie: The signal of rally in chart. Prepare to soar.

FX:AUDUSD   Australian Dollar / U.S. Dollar
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Last night, we saw Australia Employment report was better than expect with employment change printed at 26.1K beat the consensus and the most important thing was unemployment rate dropped 2bp to 5.7%. With uptick employment data, RBA has no reason to be dovish and despite they don't like the strong Aussie, they should let Aussie goes up.

I see three problems on the chart.

Firstly, for 1 month, AUDUSD is struggling around 0.7700 key resistance level and with uptick Aus employment data, Aussie is threatening this resistance.

Secondly, the key descending trend line (red line ) I draw on the chart, AUDUSD also challenges this resistance. Any break will fuel for the rally of Aussie.

Thirdly, I see SMA100 cut SMA200. This is the biggest signal I want to tell you marking a shift from bearish to bullish .

Some people argue that SMA100 cut SMA200 two times in 2014, but it was the time market waited for a fed rate decision, now we don't need to price for that , so this is a meaningful cut which drive Aussie higher.

Here is my point: A clear break of key trend line will absolutely a strong signal of a strong appreciation, so just need watch it. That's it.

Likely I will BUY Aussie vs Kiwi, Dollar.


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