Current trend
AUD showed growth against USD on Wednesday, despite the fact that during the day
the instrument traded mostly in a downward direction. There were no interesting
macroeconomic data from the US or Australia on Wednesday, so investors
concentrated on statistics from Europe and Canada.
Today, the pair is showing growth, reaching new local highs since April 13.
The growth of AUD is taking place against the backdrop of the publication of
a disappointing report on the Australian labor market. The level of employment
in March grew by only 4.9K jobs, which is much worse than analysts' expectations
(+21.0K). Last month, the figure showed an increase of 17.5K. The indicator of
partial employment increased sharply by 24.8K in March, while in February it
fell by a record 47.4K jobs. The unemployment rate in March decreased from
5.6% to 5.5%.
Support and resistance
Bollinger Bands in D1 chart show stable growth. The price range expands,
freeing a path to new local highs for the "bulls".
MACD indicator is growing preserving a stable buy signal (the histogram
is above the signal line).
Stochastic, in turn, only slightly reacts to the resumption of growth in
the short term and remains horizontal.
At the moment, the indicators do not contradict the further development
of the uptrend in the short and/or ultra-short term.
Resistance levels: 0.7820, 0.7840, 0.7867.
Support levels: 0.7757, 0.7725, 0.7705, 0.7667.
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