The Australian Dollar (AUD) inched higher against the U.S. Dollar (USD) last week, increasing the price of the AUDUSD pair to more than 0.7700, ahead of the release of Australian Employment Change news.
Technical Analysis
As of this writing, the AUDUSD pair consolidates around 0.7715. While moving upside, the price might face some resistance near the listed below price zones:
Short-Term Resistance Levels
0.7817 – the major horizontal resistance
0.7929 – the upper trendline arm
0.8100 – the psychological number
On the downside, the AUDUSD pair might find some support near the given below price levels.
Short-Term Support Levels
0.7563 – the low of January 31, 2021
0.7300 – the psychological level
0.7268 – the Fibonacci retracement (23.6%)
Australia Employment Change News
The Australian Bureau of Statistics is scheduled to release numbers for the employment change on Thursday (February 18, 2021). According to economists’ view, the economy added 50K new jobs in January 2020, as compared to exactly similar numbers in the month before.
The stats for the employment change reflects the change in the number of people having jobs in Australia. The employment change news is a significant indicator of consumer spending. Increased consumer spending patterns stimulate economic growth. Generally speaking, a high reading is seen as positive for the AUDUSD pair, and vice versa.
Conclusion
Given the macro-economic outlook of the pair, here is a short-term trading plan for AUDUSD:
Buy Stop @ 0.7750
Stop Loss @ 0.7650
Take Profit @ 0.7950