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The Australian Dollar (AUD) inched higher against the US Dollar (USD) on Wednesday, increasing the price of AUDUSD to more than 0.7800 following some key economic releases. The technical bias shall remain bearish because of a lower low in the ongoing downside move.
AUD/USD Technical Analysis
As of this writing, the pair is being traded around 0.7828. A support can be noted around 0.7500, an immediate horizontal support ahead of 0.7450 the psychological number and then 0.7367, another key horizontal support as demonstrated in the given below chart.
On the upside, a hurdle can be noted near 0.8024, an immediate horizontal resistance level ahead of 0.8100, the psychological level and then 0.8249, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 0.8024 resistance area is intact.
US Jolts Job Openings
U.S. job openings fell for a second straight month in November, with declines in the manufacturing and real estate sectors, supporting economist forecasts that job growth will slow in 2018.
Hiring dropped 104,000 to 5.49 million in November, and the hiring rate dipped to 3.7 percent from 3.8 percent. Economists expect job growth this year to slow to well below the 2017 monthly average of 170,000 as the labor market hits full employment.
The unemployment rate is at a 17-year low of 4.1 percent and economists expect it to drop to 3.5 percent by the end of 2018. Non-farm payrolls rose 148,000 in December.
Trade Idea
Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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