AUD/USD remains biased higher, with downside attempts capped above 0.6555

Aussie's reversal has been contained above 0.6555, which leaves the positive momentum intact.
The pair withstood the bullish US Dollar reaction after the NFP release.
A clear break of the 0.6620-0.6630 resistance area would confirm a trend shift.

Guillermo Alcala FXStreet

Australian Dollar’s reversal from Thursday’s highs has been contained above the 0.6555 support area, despite the strong US Dollar reaction to the upbeat US employment data. This keeps bulls hopeful of a deeper recovery, with their focus on the resistance area above 0.6600.

US Nonfarm Payrolls increased beyond expectations in March to close a strong first quarter, although a certain moderation observed in the yearly wage growth maintains hopes of Fed cuts alive. This has put a lid on the USD rally which leaves the pair’s bullish momentum intact.

The weekly chart is forming a large bullish candle which signals a potential change in the broader bearish trend. A break of the 0.6620-0.663030 resistance area would confirm the trend change and expose the 0.6670 top. Support levels remain at 0.6555 and 0.6500.

AUD/USD

Overview
Today last price	0.6581
Today Daily Change	-0.0007
Today Daily Change %	-0.11
Today daily open	0.6588

Trends
Daily SMA20	0.6558
Daily SMA50	0.6545
Daily SMA100	0.6602
Daily SMA200	0.6546

Levels
Previous Daily High	0.6619
Previous Daily Low	0.6561
Previous Weekly High	0.6559
Previous Weekly Low	0.6486
Previous Monthly High	0.6667
Previous Monthly Low	0.6478
Daily Fibonacci 38.2%	0.6597
Daily Fibonacci 61.8%	0.6583
Daily Pivot Point S1	0.656
Daily Pivot Point S2	0.6532
Daily Pivot Point S3	0.6502
Daily Pivot Point R1	0.6617
Daily Pivot Point R2	0.6647
Daily Pivot Point R3	0.6675

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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