AUDUSD Trades Positive to Recover the 0.7300 Level, Bolstered by a Positive Aussie Jobs Report


AUDUSD Price Analysis – September

AUDUSD takes the bids beyond 0.7300 levels to reverse the early losses while trading near 0.7285 level and recording an intraday low of 0.7253 level, during the early Thursday. Australia’s Unemployment Rate slipped underneath a 7.7 percent forecast and 7.5 percent before 6.8 percent in August.

Key Levels
Resistance Levels: 0.7413, 0.7350, 0.7311
Support Levels: 0.7250, 0.7150, 0.7076
AUDUSD Long term Trend: Bullish
The pair’s persistent trading beyond the moving average of 5 and 13, now at 0.7285, guides the bulls towards a peak of 0.7413 on August 31, with the threshold of 0.7400 serving as an interim stop. Besides, an ascending trend line from July 14, now about 0.7250 levels, also serves as solid downside support.

In the broader context, the rebound from the medium-term bottom level of 0.5506 is seen as reversing the entire long-term downward trend from the high level of 1.1079. On the downside, it needs a break of 0.6777 support level to be the first indication of the rebound completion. Or else, in the event of a pullback the trend may remain bullish.
AUDUSD Short term Trend: Ranging
At this stage, the intraday bias in AUDUSD stays neutral. With the support level of 0.7150 unchanged, more increase stays in support. On the upside, the 0.7413 level breach may restart the rally from the 0.5506 level and aim next long-term 0.7635 level.

Even so, for steeper correction, the decisive breach of 0.7150 level may validate short-term topping, and transform bias to the downside. Summing up, a bullish bias persists beyond the short-term moving average of 5 and 13 and the 0.7076 boundaries in the short-to-medium-term period.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.