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May 20, 2021

AUD- Hottest Market Moves

Frank Cabibi

5/20/2021

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.

AUD/USD

AUDUSD 4H

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.

AUD/JPY

AUDJPY 4H

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.

AUD/CAD

AUDCAD 1D

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.

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