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FxWirePro: AUD/USD pauses shy of 200-DMA resistance, breakout required for further upside

AUD/USD chart - Trading View 

AUD/USD spiked higher on Thursday's trade as the Aussie was buoyed on upbeat labor market report. 

The data released by the Australian Bureau of Statistics showed the fulltime jobs growth picked up pace in June. 

The economy added 21.1K fulltime jobs last month, compared to 2.4K additions in the prior month. Further, the jobless rate remained unchanged at 5.2% as expected. 

Upbeat labor data will for now ease pressure on the Reserve Bank of Australia to cut rates immediately in August. 

Major trend in the pair has been bearish and the pair finds stiff resistance at 200-DMA at 0.7090. Breakout required for further upside.

Technical indicators are turning slightly bullish on the daily  charts. Scope for upside rising.

Price action has broken above daily cloud and is currently hovering around 23.6% Fib. Break above 200-DMA will see gains upto 38.2% Fib at 0.7276.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

By Anupama Grandhi
  • Market Data
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