Aussie climbed to record highs against the greenback following the RBA minutes and kept the bullish attitude helped from dollar’s weakness. During the European night, Australia will publish June’s employment report. The unemployment rate is expected to edge higher to 5.6% from 5.5% before while the employment change is expected to pick up by 15K versus 42K before. National Australia Bank’s business confidence index for June is also coming out.
AUD/USD – Technical Outlook
The Australian dollar is the best performing currency over the last sessions against the U.S. dollar, which surged to a more than two-year high on Wednesday. The AUD/USD pair reached the 0.7947 price level following the aggressive buying interest which started last month. Since May, the commodity currency pair added more than 6.5% at its performance and the price is still developing above the ascending trend line which is holding the last 19 months. The next levels to have in mind is the 0.7980 – 0.8010 resistance area.
On the daily timeframe, the 50-SMA created a bullish crossover within the 100 and 200 SMAs, indicating a buy signal for the traders. There is no obstacle until the aforementioned area while the technical indicators are also confirming the recent rising attitude. The RSI indicator is sloping to the upside in the overbought zone whilst the MACD oscillator climbed above the trigger line with strong momentum in the positive territory.
Analysis by JFD Research