- The US data could move the rate later today.
- The bias is bullish as long as it stays above the sliding line (SL).
- The median line (ml) represents a potential target.
The AUD/USD price is in an uptrend and is trading at 0.6452, slightly below the high of 0.6473 it reached today. The pair had a strong rally and is now taking a breather.
-Are you looking for automated trading? Check our detailed guide-
Positive data from Australia and China boosted the pair, while the US dollar weakened despite better-than-expected data. Yesterday, Australia reported higher-than-expected employment change and a stable unemployment rate.
Today, China reported a lower-than-expected unemployment rate, higher than higher-than-expected retail sales and industrial production. These data show that the two economies are recovering from the pandemic.
Later today, we will see some data from the US, such as consumer sentiment, industrial production, capacity utilization, and manufacturing index. These data could affect the pair’s direction. If the US data is weak, the pair could resume its rise.
AUD/USD Price Technical Analysis: Leg Higher
The AUD/USD price is in an uptrend and is trading above the trend line on the chart. The pair had a strong rally, breaking above the 0.6449 resistance level and the weekly R1 level at 0.6450.
-If you are interested in forex day trading then have a read of our guide to getting started-
The pair is now pulling back but can find support at these levels. The trend line is also a dynamic support that could keep the pair up. The pair could resume its rise if it stays above these levels. The next target for the pair is the median line of the rising channel, which is a potential resistance level.
Looking to trade forex now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.