The Aussie buck jumped today on increasing demand for the currency with thanks to employment numbers. Although mixed, the news seemed to help AUD pairs see some upside this morning. Demand for gold continues to rise which is also another factor contributing to the currency's gains.
AUDUSD is now testing the top of a wedge viewed on the 4H timeframe. Resistance sits around .78025, and if price breaks out, it could have enough momentum to at least test that level. Price is also hugging its 200 SMA for this pair specifically as it touches the moving average for support, bottoming out, and making higher lows.
AJ comes down to a trend line and bounces up on the 4H chart. News came out today on Australia's employment numbers which beat expectations. This bullish Aussie news could fuel a higher rally for the pair here and going into next week. The low 85.0000s range looks like heavy resistance in which it will have to close above to keep bullish momentum.
The downtrend continues for AC as Canada's loonie looks more attractive than most countries' currencies. Although the number of jobs dropped, so did the unemployment rate, so it might mean that less people filed for unemployment or are no longer actively searching for work. Either way, CAD is taking the market by storm with its natural resource-driven economy. Heavy resistance lies at .94435; with a multi-month downtrend, resistance will probably act as a powerful catalyst to the downside, but good AUD news might help price move up for the day.
9/17/2021 Stocks are down -0.58% this morning after coming down to test a significant level of support once again. While stocks fall, the dollar rises in the anticipation of sooner-than-expected tapering by the Fed along with a hike in interest rates starting in 2022. Our outlook Other than September being one of the worst months […]
9/16/2021 The Euro-Dollar pair is down over 0.5% today after several days in the red. Today's speech by EU president Lagarde mentioned how the economic recovery had come quicker than expected six months ago. This was praised by the prompt vaccine distribution so citizens could get back to work. Across the pond, the US just […]
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