AUDUSD eyes further gains on upbeat sentiment, Aussie employment
AUDUSD justifies its risk-barometer status, also backed by an upbeat Aussie jobs report for January, during Thursday. The Aussie pair stays above the 50-DMA amid upbeat RSI and MACD conditions, suggesting further advances. However, the 100-DMA and a downward sloping trend line from mid-November 2021, around 0.7240-45, becomes a tough nut to crack for the pair buyers. Should the quote manage to cross the 0.7245 hurdle, January’s peak of 0.7313 will test the upside momentum before confirming the bullish trend towards the late 2021 high surrounding 0.7555.
Meanwhile, the 50-DMA level of 0.7170, the 0.7100 round figure and the weekly bottom of 0.7085 restrict the short-term downside of the AUDUSD pair. Following that, 0.7050 and December 2021 low near 0.6990 will question the bears before directing them to the last month’s trough close to 0.6965. It’s worth noting that the RSI conditions may turn oversold and trigger the pair’s bounce off 0.6965, failing to do so will make the quote vulnerable to drop towards June 2020 swing low close to 0.6775.
