Blog post

​Technical Analysis: AUDUSD recovers from 13-day-old support line, eyes Aussie jobs report

Although 200-bar SMA restricts immediate AUDUSD upside, the pair's ability to keep an ascending trend line from September 25, not to forget staying beyond 100-bar SMA, favors the bulls. As a result, the pair can again challenge a six-week-old falling resistance line, at 0.7230 now, if managed to clear the 200-bar SMA level of 0.7172 immediate upside barrier. It should also be noted that the 0.7200 round-figures may offer an intermediate halt whereas the 0.7300 and the mid-September highs near 0.7360 can lure the bulls afterward.

Meanwhile, the aforementioned support line near 0.7155 and the 100-bar SMA level around 0.7140 can probe the entries of short-term sellers. Though, the pair's downside break of 0.7140 can test October 07 support close to 0.7095 before targeting the September 25 peak surrounding 0.7085. In a case where the quote remains weak past-0.7085, it becomes vulnerable to drop towards the previous month's low of 0.7005. It's worth mentioning that the Australian employment numbers for September are up for publishing on early Thursday.

Join us on FB and Twitter to stay updated on the latest market events

Our awards

award1 award2 award3 award4 award5