Home AUD/USD Price Finds Traction Above 0.6449
AUD/USD Daily Outlooks

AUD/USD Price Finds Traction Above 0.6449

  • 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.

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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

AUD/USD price
AUD/USD hourly price chart

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.

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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.

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Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.