AUD/USD: flat dynamics

Current trend

AUD shows moderate decline against USD during today's Asian session, while maintaining a flat direction of trading in the short term. The instrument is retreating against the background of the growth of USD almost across the entire spectrum of the market after the publication of the Fed meeting minutes the day before. At the same time, AUD reacts weakly to the optimistic statistics on the Australian labor market, which were released today. Employment Change in Australia in August increased by 111K after increasing by 114.7K in the previous month. Analysts had expected a decrease of 50K. At the same time, Fulltime Employment added 36.2K, and Part-Time Employment added 74.8K. Unemployment Rate for the same period fell from 7.5% to 6.8%, which turned out to be much better than the forecast for growth to 7.7%. Participation Rate in August increased slightly, from 64.7% to 64.8%.

Support and resistance

On the D1 chart Bollinger Bands reversed horizontally. The price range is narrowing from above, reflecting the emergence of "bearish" trend during today's morning session. MACD is declining keeping a weak sell signal (located below the signal line). Stochastic also reversed downwards, reacting to the appearance of negative dynamics on Thursday.

The development of a full-fledged downtrend is possible in the short and/or ultra-short term.

Resistance levels: 0.7274, 0.7300, 0.7323, 0.7360.

Support levels: 0.7247, 0.7200, 0.7150, 0.7130.

Trading tips

To open long positions, one can rely on the rebound from the support level of 0.7247 with the subsequent breakout of 0.7274. Take-profit – 0.7323. Stop-loss – 0.7247. Implementation time: 2-3 days.

The breakdown of 0.7247 may serve as a signal to new sales with the target at 0.7200. Stop-loss – 0.7274. Implementation time: 1-2 days.