AUDUSD Remains Steady Past Mid 0.7700 Amid the Aussie Jobs Report

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AUDUSD Price Analysis – January 21

AUDUSD remains steady past mid 0.7700 amid the Aussie jobs report Australia’s dollar edged higher on Thursday and remains steady past the mid 0.7700 level while extending the upside bias towards the 0.7800 level. The Aussie got an additional boost following the release of domestic employment details as the jobless rate drops more than expected.

Key Levels
Resistance Levels: 0.8136, 0.7980, 0.7800
Support Levels: 0.7725, 0.7635, 0.7461
AUDUSD Long term Trend: Bullish
As seen on the daily charts, AUDUSD bulls need a sustained break above the 0.7800 level to confirm the bullish pattern. The 0.7782 top is also an obstacle to growth. Meanwhile, a pullback below the 5 moving average at 0.7525 may initially nullify the bullish sentiment and send AUDUSD mid-term sellers to a weekly low around 0.7658.

In a broader context, sustained trading past horizontal resistance at 0.7620 is a sign of medium-term bullish sentiment. However, AUDUSD may need to reverse the 38.2% retracement from 1.1079 high to 0.5506 low at 0.7635 to finally signal the end of a long-term downtrend from 1.1079. A deviation from the 0.7635 level would instead maintain a long-term bearish trend.
AUDUSD Short term Trend: Ranging
The AUDUSD trend stays unaltered and the intraday bias stays upward to retest the 0.7800 high. A decisive breach may restart the bounce from the 0.5506 level. The next goal is the 0.7980 level. If the support level of 0.7725 is broken down, the displacement may shift back to the downside to continue consolidation from the 0.7414 level with another phase of decline.

A near-term low of 0.7220 could stop the pullback, beneath which 0.7200 levels may be tested. At the low, the pair may see some strong follow-up buying before traders position themselves for any further short-term AUDUSD upside, possibly past the 0.7400 level.

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