FXStreet (Córdoba) – The Australian dollar resumed its advance following a corrective movement during the European session and is on track to close the day unchanged against the greenback.
However, AUD/USD had a volatile day, having risen to a peak of 0.7792 after a much-stronger-than-expected Australian jobs report and fallen to a low of 0.7692 following the release of US retail sales. However, the US currency failed to sustain gains and AUD/USD climbed back to the 0.7760 zone, roughly at the same level it ended yesterday’s NY session.
AUD/USD technical perspective
“The 1 hour chart shows, however, little upward potential as the price is now aiming to extend above its 20 SMA, but the technical indicators remain below their midlines”, says Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical picture is biased higher, as the price held above a bullish 20 SMA, whilst the technical indicators bounced from their midlines and maintain their bullish slopes. Nevertheless, the 200 EMA continues to cap the upside around 0.7780, and it will take a clear break above this level to confirm an upward extension for the upcoming sessions”.
(Market News Provided by FXstreet)