Current trend

The AUD/USD pair is correcting upwards around 0.6726 against the background of the negative dynamics of the US dollar.

The Australian currency returned to a moderate uptrend amid the publication of employment data in the tourism sector: in the second quarter, 634.4 thousand jobs were registered, which is 11.5 thousand (1.8%) less than in the first quarter, as well as 12.3 thousand (2.0%) more than over the same period a year earlier. Nevertheless, analysts believe that the indicators will soon begin to slow down, as the tourist season is coming to an end, and demand for services will be kept at a low level at least until the Christmas holidays. In turn, eight of the twelve sectors of the economy recorded a reduction in the number of jobs, and the leaders in the number of layoffs were companies focused on sports and recreation (-12.6%), cafes and restaurants (-1.5%), as well as water and air transport enterprises (-7.2%), but growth was noted in the field of education and vocational training (80.9%), as well as travel agency services (14.1%).

Meanwhile, the quotes of the US currency are held in a downtrend, falling again during morning trading to the level of 101.00 in USDX amid an increase in the number of initial jobless claims to 230.0 thousand from 228.0 thousand a week earlier, which led to an increase in the total number of citizens receiving state assistance to 1.850 million from 1.845 million. In addition, it can be noted that the producer price index (PPI) corrected by 0.2% in August, while the annual value fell to 1.7% from 2.1%, which in the long term may support the exchange rate of the national currency.

Support and resistance

On the D1 chart, the price is adjusting, returning after the implementation of the local reversal pattern "head and shoulders" with the "neck" line in the area of 0.6700.

Technical indicators have almost reversed, but they again strengthen the buy signal: the fast EMAs on the Alligator indicator have turned around and are moving away from the signal line, expanding the oscillation range, and the AO histogram is decreasing in the buy zone.

Support levels: 0.6690, 0.6620.

Resistance levels: 0.6740, 0.6820.

Trading tips

In case of continued corrective growth, as well as price consolidation above the resistance level of 0.6740, buy positions with a target of 0.6820 will be relevant. Stop-loss – 0.6700. Implementation period: 7 days and more.

If the corrective decline of the asset continues and the price consolidates below the support level of 0.6690, sell positions with a target of 0.6620 can be opened. Stop-loss – 0.6730.