FXOpen
The Australian Dollar (AUD) inched lower against the US Dollar (USD) on Friday, increasing the price of AUDUSD to more than 0.7900 following some key economic releases. The technical bias shall remain bullish because of a higher high in the ongoing upside move.
AUD/USD Technical Analysis
As of this writing, the pair is being traded around 0.7940. A hurdle can be noted near 0.8124, an immediate horizontal resistance level ahead of 0.8200, the psychological level and then 0.8249, the high of the last major upside rally as demonstrated in the given below chart.
On the downside, a support can be noted around 0.7900, an immediate horizontal support ahead of 0.7895, the psychological number and then 0.7800, another trendline support as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 0.7800 support area is intact.
US Jobless Claims
The number of Americans filing for unemployment benefits unexpectedly fell last week, but the near-term outlook for the labor market was muddied by the continuing impact of Hurricanes Harvey and Irma. Other data on Thursday showed manufacturing activity in the mid-Atlantic region accelerated in September amid a surge in new orders. But hiring by factories slowed and employees worked fewer hours this month compared to August. Initial claims for state unemployment benefits declined 23,000 to a seasonally adjusted 259,000 for the week ended Sept. 16, the Labor Department said. A Labor Department official said Harvey and Irma affected claims for Texas and Florida.
Trade Idea
Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Latest from Forex Analysis
Latest articles
Germany's DAX 40 Index Flying High Despite Pessimistic National Outlook
For a number of years now, there has been a lot of discourse over the current situation and the future of the German domestic economy.
From both inside Germany and globally, analysts, government officials, and corporate leaders have demonstrated a
Volatility in the Pound Is Rising, the Euro is Consolidating
GBP/USD
At the end of last week, the British currency fell sharply, testing a significant support level at 1.2300. The resumption of the downward trend for the pair became possible after some statements by British officials:
- On Wednesday,
The Price of Gold XAU/USD Shows Strongest Fall in Almost 2 Years
On Monday, the price of gold fell from USD 2,386 to USD 2,333 per ounce — this is the strongest drop in one day in almost 2 years, according to Bloomberg. On Tuesday morning in the Asian session, the