AUD/USD Forex Technical Analysis – Trend Changes to Up on Move Through .7805The direction of the AUD/USD into the close on Thursday will be determined by trader reaction to the pivot at .7739.
The Australian Dollar is trading flat late in the session on Thursday after giving back earlier gains. The Aussie was supported early in the session after the release of a report showing better than expected labor market data.
Australia’s unemployment rate came in at 6.6% in December, according to seasonally adjusted estimates released by the country’s Bureau of Statistics. That compared against expectations for a 6.7% reading in a Reuters poll, and followed November’s 6.8% unemployment rate.
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Daily Chart Technical Analysis
The main trend is down according to the daily swing chart. A trade through .7805 will change the main trend to up. A move through .7659 will signal a resumption of the downtrend.
The minor range is .7820 to .7659. Its 50% level at .7739 is providing support on Thursday.
The short-term range is .7339 to .7820. If the downtrend resumes then its 50% level at .7579 will become the primary downside target.
The direction of the AUD/USD into the close on Thursday will be determined by trader reaction to the pivot at .7739.
A sustained move over .7739 will indicate the presence of buyers. Taking out .7782 will indicate the buying is getting stronger. This could create the momentum needed to take out a pair of main tops at .7805 and .7820.
A sustained move under .7739 will indicate the presence of sellers. If this generates enough downside momentum then look for the rally to possibly extend into the main bottom at .7659.
Taking out .7659 will confirm that .7782 is a new secondary lower top. This would signal the AUD/USD is preparing to rollover to the downside.
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