Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
Vladimir Zernov

AUD/USD Video 15.10.20.


U.S. Dollar Gains Ground Against Australian Dollar

AUD/USD is testing the nearest support level at 0.7100 as the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to settle above the resistance at 93.50. If this attempt is successful, the U.S. dollar will gain additional upside momentum which will be bearish for AUD/USD.

In the U.S., Republicans and Democrats continue to negotiate a new coronavirus aid package but it looks like no consensus will be reached before the November election.

In Europe, countries continue to introduce additional virus containment measures to deal with the second wave of the virus. Yesterday, France imposed a curfew on its biggest cities.

Problems on the U.S. stimulus front and worries about the second wave of coronavirus in Europe put pressure on demand for riskier assets like the Australian dollar.

Today, Australia reported that Unemployment Rate increased from 6.8% in August to 6.9% in September. Analysts expected that Unemployment Rate would increase to 7.1%.

Meanwhile, Australia’s Employment Change report indicated that employment declined by 29,500 in September. This report was also better than analysts’ expectations.

Today, traders will also have a chance to take a look at new U.S. employment reports. Analysts expect that Initial Jobless Claims and Continuing Jobless Claims reports will highlight some minor progress on the job front.

Technical Analysis

AUD/USD gained strong downside momentum and is testing the support level at 0.7100. In case AUD/USD manages to settle below this level, it will head towards the next support at 0.7075.

A move below 0.7075 will open the way to the test of the next support level at 0.7030. There are no material levels between 0.7030 and 0.7075 so this move may be fast.

On the upside, the nearest resistance for AUD/USD is located at 0.7130. If AUD/USD settles above this level, it will head towards the next resistance level at 0.7150.

If AUD/USD gets above the resistance at 0.7150, it will gain additional upside momentum and get to the test of the significant resistance at the 50 EMA at 0.7175.

For a look at all of today’s economic events, check out our economic calendar.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.