AUD/USD Technical Analysis: 200-day MA is capping gains ahead of Aussie jobs data

0

AUD/USD is currently trading at 0.7170, having failed to close above the 200-day moving average (MA) yesterday, despite the upbeat China March industrial production, retail sales data and the first quarter GDP.

The moving average is widely considered a barometer of the long-term trend. Further, it has proved a tough nut to crack in the recent past. For instance, the pair created a lower high at the 200-day MA on Jan. 31 and faced rejection at the key hurdle on April 12. 

The 200-day MA, therefore, is the level to beat for the bulls. A sustained move higher may invite stronger buying pressure, opening the doors for fresh year-to-date highs above 0.7295. 

The break above the 200-day MA, currently at 0.7192, will likely remain elusive if the Aussie jobs data due at 02:00 GMT, disappoints expectations, boosting the Reserve Bank of Australia (RBA) rate cut bets. 

The data is expected to show the economy added 12,000 jobs in March and the jobless rate ticked higher to 5 percent from 4.9 percent. 

Daily chart

Trend: Bullish above 200-day MA

 

Get the 5 most predictable currency pairs

About Author

Comments are closed.