Blog post

Technical Analysis: AUDUSD breaks monthly support line after Aussie employment data

As soon as the Aussie traders knew that the recently upbeat job figures for March don't reveal the lockdown impact, the AUD/USD pair extended the previous pullback moves and slipped below the one-month-old rising trend line. While the pair's sustained trading below the short-term support line favors the sellers, 61.8% Fibonacci retracement and 200-bar SMA are around 0.6230/20 will keep further declines limited. In a case bears refrain to listen around 0.6220, 0.6000 and the monthly low close to 0.5980 could flash on their radars.

On the contrary, an upside clearance of the support-turned-resistance, at 0.6315 now, will again push the quote towards a broad resistance area comprising multiple lows marked since late-February and the recent high, near 0.6430/60. Though, a sustained break above 0.6460 will propel the quote towards the March month high of 0.6685 with 0.6540 and 0.6580 acting as intermediate stops during the rise.

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