FxWirePro: AUD/USD eases from multi-month highs, antipodean rally stalls as RBA steadies bond market
FxWirePro: AUD/CHF extends bounce off 21-EMA support, scope for upside resumption
AUD/CHF chart - Trading View
Technical Analysis: Bias turning Bullish
- AUD/CHF was trading 0.57% higher on the day at 0.6778 at around 12:35 GMT
- The pair has resumed upside after price action bounced off 21-EMA support on Wednesday's trade
- A 'Hammer' formation on the previous session's candle reinforces bullish bias
- Price action has re-entered into the daily cloud, breaks above 55-EMA
- Momentum is bullish and volatility is high raising scope for continuation of bullish momentum
Data released by the Australian Bureau of Statistics earlier on Thursday showed Australia jobless rate dropped to 4.5% in August from 4.9% in June.
The employment rate dropped by 146K as compared to the market consensus of 90K, while ‘hours worked’ witnesses a huge drop of 3.7% in July.
Further, the inflation expectations in Australia eased to 3.30% in August from 3.70% in July.
Support levels - 0.6761 (55-EMA), 0.6736 (21-EMA), 0.6713 (20-DMA)
Resistance levels - 0.6798 (38.2% Fib), 0.6815 (110-EMA), 0.6820 (Cloud top)
Summary: AUD/CHF is set to resume upside after price has bounced off 21-EMA support. The pair is on track to test 110-EMA at 0.6815. Break above will fuel further gains. Bullish invalidation on retrace below 21-EMA.