Home Market Spotlight AUD/USD Price Analysis: Extends gains after Australian jobs data near 0.7370 level

AUD/USD Price Analysis: Extends gains after Australian jobs data near 0.7370 level

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AUD/USD Price Analysis: Extends gains after Australian jobs data near 0.7370 level


AUD/USD remains firmer after breaking out of a weekly descending channel. The MACD signal is bullish, and the RSI strengthens, adding to the AUD/USD uptrend. Bulls are likely to test the latest swing high before the 0.7460 level. The 200 SMA, an uptrend line from late January, provides further support for the bears.

In Asian markets on Thursday, AUD/USD was higher near its weekly highs, up 0.35%, near 0.7315.

AUD/USD’s latest gains could be linked to stronger February jobs data, which in turn pushed the pair against a one-week downtrend channel.

Read: Aussie tops 0.7300 on strong Australian jobs data, Russia-Ukraine situation leads market risk appetite

AUD/USD achieved a channel breakout and also found bullish support from the MACD and RSI, with bulls nearing the latest swing high of 0.7370.

However, if AUD/USD breaks 0.7370, the RSI may turn overbought, otherwise, the monthly high of 0.7441, followed by the 61.8% Fibonacci of the January-March trend around 0.7460-65 will become AUD/USD upside resistance.

In addition, before the exchange rate fell below the upper edge of the above-mentioned channel (around 0.7290), the prospect of a correction is still unclear.

Subsequently, the 200-SMA and the 7-week rising support line are located near 0.7210 and 0.7190 respectively, which will be the bear targets in turn.

AUD/USD: 4-hour chart

Trend: Expect further gains

Key technical level

Overview Yesterday’s last price 0.7313 Today’s daily change 0.0024 Today’s daily change % 0.33% Today’s opening price 0.7289 Trend Daily 20SMA 0.7258 Daily 50SMA 0.7198 Daily 100SMA 0.722 Daily 200SMA 0.7306 Level points Pivot Point S3 0.7096 Daily Pivot Point R1 0.7331 Daily Pivot Point R2 0.7373 Daily Pivot Point R3 0.7448

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