Yahoo Finance AUD/USD Daily Forecast – Test Of Resistance At 0.7750
AUD/USD Video 15.04.21.
Australian Dollar Continues To Move Higher Against U.S. Dollar
AUD/USD is currently trying to settle above the resistance at 0.7750 while the U.S. dollar is losing ground against a broad basket of currencies.
The U.S. Dollar Index is currently trying to get to the test of the nearest support level at 91.50. A move below the support at 91.50 will open the way to the test of the next support at 91.30 which will be bullish for AUD/USD.
Today, Australia reported that Unemployment Rate declined from 5.8% in February to 5.6% in March compared to analyst consensus of 5.7%. Employment Change report indicated that employment increased by 70,700 in March compared to analyst consensus which called for growth of 35,000. Stronger-than-expected reports provided additional support to the Australian dollar.
Foreign exchange market traders will soon have a chance to take a look at the latest employment reports from the U.S. Analysts expect that Initial Jobless Claims declined from 744,000 to 700,000 while Continuing Jobless Claims decreased from 3.73 million to 3.7 million.
Traders will also focus on the latest Retail Sales data from the U.S. Retail Sales are projected to grow by 5.9% month-over-month in March due to the positive impact of the new round of economic stimulus.
Technical Analysis
AUD/USD managed to settle above the resistance at 0.7720 and is trying to settle above the next resistance level at 0.7750.
In case this attempt is successful, AUD/USD will head towards the resistance at 0.7775. A move above this level will open the way to the test of the resistance at 0.7800. If AUD/USD manages to settle above this level, it will move towards the resistance at 0.7820.
On the support side, the previous resistance at 0.7720 will likely serve as the first support level for AUD/USD. If AUD/USD declines below this level, it will head towards the next support which is located at 0.7700. A move below the support at 0.7700 will open the way to the test of the support at the 50 EMA at 0.7680.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
