- The Australian Dollar reversal has been contained above 0.6555, leaving the positive momentum intact.
- The pair resisted the US Dollar's bullish reaction following the NFP release.
- A clear breakout of the 0.6620-0.6630 resistance zone would confirm a trend reversal.
The Australian Dollar's reversal from Thursday's highs has been contained above the 0.6555 support zone, despite the US Dollar's strong reaction to the bullish US employment data. This keeps the bulls hopeful into a deeper recovery, with an eye on the resistance zone above 0.6600.
US Non-Farm Payrolls rose above expectations in March to close out a strong first quarter, although some moderation in annual wage growth keeps hopes of Fed cuts alive. This has slowed the rise of the USD. , leaving the pair's bullish momentum intact.
A large bullish candle is forming on the weekly chart, indicating a possible change in the overall downtrend. Breaking the 0.6620-0.6630 resistance zone would confirm the trend change and expose the 0.6670 high. Support levels remain at 0.6555 and 0.6500.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
