AUD/USD The trend points higher

The Australian macro data served better than expected numbers on jobs report, as 61K jobs were added in March, which is three times above expectations. Another positive point is the unemployment rate that remains at 5.9%, despite the increase in the participation rate. 

Technically speaking, the weekly chart is showing that the pair is located above the 20-day SMA, which is acting as a dynamic support at around 0.7500 mark. RSI is standing at mid-lines, but has started to turn to north. Momentum is marking higher highs and lower lows and is indicating bullishness.

Closing below the important level at 0.7500, will drag the pair to further losses. Strong resistance is located at 0.7600 and in case that bulls succeed to conquer it, next target is seen at 0.7700.

Next week is offering main reports with RBA minutes on Tuesday and Business Confidence on Thursday, but from fundamental viewpoint the AUD/USD is vulnerable due to the risk aversion amid the geopolitical concerns. But it will be interesting to observe the pair’s direction.