AUD/USD Price Analysis: Stretches Aussie jobs data-led gains towards 0.7800

AUD/USD stays bid near weekly top amid broad market optimism, upbeat Australia employment data.
Two-week-old resistance line lures buyers, 200-bar SMA joins late-December, early-January levels to challenge bears.

Anil Panchal FXStreet

AUD/USD keeps Australia employment report-backed upside momentum while taking the bids near 0.7772, up 0.31% intraday, during early Thursday. In doing so, the quote refreshes the weekly top.

Considering the bullish MACD and sustained trading above 0.7640/45 support confluence, comprising December 27 top, January 04 low and 200-bar SMA, favor AUD/USD buyers. Also favoring the upside momentum could be the Aussie jobs report and Joe Biden’s arrival in the White House as the 46^th US President.

Read: AUD/USD: Muted reaction to bigger-than-expected drop in Aussie Unemployment Rate

As a result, the latest upside momentum eyes a downward sloping trend line from January 06, at 0.7800 now, ahead of probing the monthly top near 0.7820.

During the quote’s further rise past-0.7820, March 2018 peak surrounding 0.7920 will be the key.

Alternatively, a weekly support line near 0.7710 can probe the counter-trend traders ahead of highlighting 0.7645/40 support area.

However, a daily closing below 0.7640 will be enough to recall the late-December lows near 0.7460.

AUD/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	0.7775
Today Daily Change	27 pips
Today Daily Change %	0.35%
Today daily open	0.7748

Trends
Daily SMA20	0.7703
Daily SMA50	0.7535
Daily SMA100	0.7355
Daily SMA200	0.7112

Levels
Previous Daily High	0.7762
Previous Daily Low	0.7691
Previous Weekly High	0.7806
Previous Weekly Low	0.7665
Previous Monthly High	0.7743
Previous Monthly Low	0.7338
Daily Fibonacci 38.2%	0.7735
Daily Fibonacci 61.8%	0.7718
Daily Pivot Point S1	0.7705
Daily Pivot Point S2	0.7663
Daily Pivot Point S3	0.7634
Daily Pivot Point R1	0.7776
Daily Pivot Point R2	0.7805
Daily Pivot Point R3	0.7847

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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