Thursday 17 August 2017

AUD/USD Moves higher due to better than expected AU jobs data


AUD/USD extends Wednesday's strong rally and today marked fresh high at 0.7962, as latest economic and political developments boosted the pair.
Greenback is suffering after the release of latest FOMC minutes and the political uncertainty in the USA. Of course Aussie benefited and today is fuelled by the better than expected Australian jobs data. The jobless rate in Australia slipped to 5.6% in July, a lower number  than before. The employment change also surpassed the market expectations – it has increased to 279K against the forecasts of 20K.
On the four-hour time frame the price is developing above its 20-day SMA, which has started to turn north. Stochastic is located within extreme overbought territories but has started to move downside. RSI is also around extreme values but last lost directional strength.
A clear break of 0.7967 61.8% (Fibonacci retracement of latest July to August pullback) will encourage the bulls to attack at psychological threshold at 0.8000. Immediate support is offered by the 23.6% of same Fibonacci retracement and the broken 20-day SMA at 0.7870


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