AUDUSD: Aussie Tests Critical Resistance after Labor Market Data

17 / 05 / 2018
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The Australian dollar was bid on Thursday and was trading 0.25% stronger during the London session, seen hovering around 0.7530 in the morning.

Traders bought the Aussie after today’s labor market, which came out mixed. The employment change improved notably to 22,600, but the previous number was downwardly revised from 4,900 to -700. In addition the unemployment rate worsened a notch to 5.6%. Last night’s wage growth index failed to rise as expected and stayed at 0.5% in the first quarter, with the annual change also not moving and remaining at 1.9%.

The US calendar offers only the usually Thursday’s jobless claims, along with the Philly Fed manufacturing index, which is projected to slow marginally from 23.2 to 21.1.

The AUDUSD pair is now facing the key resistance around 0.7550, where the pair has failed a couple of times already. Should bulls be stronger today, further rise toward the 0.76 mark could occur and the immediate bearish trend would be cancelled.

On the other, the support is now seen at 0.75 and if not held, the next buying zone is located around 0.7465, where the short term trend line is seen. In all cases we strongly recommend to have rigorous money and risk management.

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