The Australian dollar is drifting up Thursday as traders position themselves before the release of the weekly US unemployment claims report at 12:30 GMT. Economists expect 4 million to 5 million or more workers to apply for unemployment last week, but there are still millions of claims expected, and layoffs could easily double those of the financial crisis, have said economists.
AUD / USD trades. 6108, up from 0033 or + 0.53%. “data-reactid =” 13 “> At 09:35 GMT, the AUD / USD is exchanged. 6108, up from 0033 or + 0.53%.
Earlier in the session, NAB Quarterly Business Confidence arrived at -11. It was much lower than the revised -2 released last month.
Daily technical analysis
The main trend is downward according to the daily swing chart. However, the momentum tends to increase. A trade through .5510 will signal a resumption of the downtrend. A change to .6685 will change the main upward trend.
The minor trend is upward. This generates positive dynamics. A trade through .5870 will change the minor downward trend. Exiting the minor peak at 0.6213 will indicate that the buy is getting stronger.
The main range is from .6685 to .5510. Its retracement zone from 0.6098 to 0.6236 acts as a resistance. He stopped the rally at 0.6213 on March 31.
The short-term range is 0.55510 to 0.6213. Its .5861 to .5778 retracement area is the next bearish target.
Daily technical forecast
Based on the anticipated price action and the current price at 0.6108, the direction of the AUD / USD the rest of the session on Thursday will likely be determined by the reaction of traders at the main level of 50% to 0, 6098.
A steady move above .6098 will indicate the presence of buyers. If this creates enough upward momentum, look for the rally to eventually extend to the minor summit at 0.6213, followed by the main Fibonacci level at 0.6236.
Exceeding and maintaining a rally on 0.6236 will indicate that the purchase is getting stronger. This could extend the rally in the resistance cluster from 0.6310 to 0.6325.
A steady move under .6098 will signal the presence of sellers. This could lead the Aussie to .5965 and .5910.
If .5910 fails, search for the sale to extend into the short-term retracement area between .5861 and .5778.
article was originally published on FX Empire “data-reactid =” 39 “> This article was originally published on FX Empire