FxWirePro: AUD/USD extends previous session's rally, breaks above 200-DMA after upbeat employment data

Chart - Courtesy Trading View 

Spot Analysis:

AUD/USD was trading 0.35% higher on the day at 0.7315 at around 04:20 GMT.

The pair is extending previous session's rally and has edged above 200-DMA resistance.

Aussie buoyed after Australia Employment Change, Unemployment Rate both posted welcome numbers for February.

Australia’s headline Unemployment Rate dropped to 4.0%, below 4.1% expected and 4.2% prior.

The Employment Change rose past 37K market forecast and 12.9K previous readings to 77.4K.

The Fed increased rates by an as-expected quarter point and telegraphed equivalent hikes at every meeting for the remainder of this year to aggressively stamp out inflation.

Further, risk appetite remains mostly positive amid progress in Ukraine-Russia peace talks and recovery in China’s covid conditions, aiding the antipodeans across the board.

Technical Analysis:

GMMA Indicator - Bullish

Ichimoku Analysis - Supports upside

Oscillators - Neutral

Bollinger Bands - High Volatility

Major Support and Resistance Levels:

Major Support Levels: 0.7301 (200-DMA), Major Resistance Levels: 0.7382 (Upper BB)

Summary: AUD/USD trades with a bullish bias. Decisive break above 200-DMA will fuel further gains.