AUD/USD | Australian Dollar to US Dollar Trading Analysis
The Australian dollar on Thursday continues to retreat in pairs with the US dollar. The morning statistics showed some deterioration in the Australian labor market. The unemployment rate in March rose to 5.2% from the previous level of 5.1%. The reality, however, turned out to be better than expected, which implied an increase to 5.4%. In March, the Australian economy created 5.9 thousand jobs after an increase of 25.6 thousand in February. This number was expected to decrease by 33.0 thousand. However, the Australian labor market looks very stable - the authorities have reformed it for several years and made the sector extremely diversified.
AUD/USD, 30 min
Pivot: 0.6364
Analysis:
Provided that the currency pair is traded above 0.6330, follow the recommendations below:
The timeframe: 30 min
Recommendation: long position
Entry point: 0.6364
Take Profit 1: 0.6400
Take Profit 2: 0.6425
Alternative scenario:
In case of breakdown of the level 0.6330, follow the recommendations below:
The timeframe: 30 min
Recommendation: short position
Entry point: 0.6330
Take Profit 1: 0.6315
Take Profit 2: 0.6290
Comment:
While continued consolidation cannot be ruled out, its scope should be limited.
Key levels:
Resistance
Support
0.6445
0.6330
0.6425
0.6315
0.6400
0.6290
AUD/USD, D1
Pivot: 0.6331
Analysis:
While the price is above 0.6165, follow the recommendations below:
Time frame: D1
Recommendation: long position
Entry point: 0.6331
Take Profit 1: 0.6470
Take Profit 2: 0.6685
Alternative scenario:
If the level 0.6165 is broken-down, follow the recommendations below.
Time frame: D1
Recommendation: short position
Entry point: 0.6165
Take Profit 1: 0.5980
Take Profit 2: 0.5870
Comment:
RSI shows further growth.
Key levels:
Resistance
Support
0.6845
0.6165
0.6685
0.5980
0.6470
0.5870
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