AUDUSD hits 0.6475 resistance and consolidates above 0.6425

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  • The aussie recovers 2.5% on the day and hits session highs at 0.6470.
  • Risk appetite and a mixed US jobs report have buoyed the AUD.
  • AUD/USD capped below a major resistance zone at 0.6470/0.6525.

The aussie is making an extraordinary recovery on Friday, rising 2.5% on the day amid favorable market sentiment, to recoup most of the losses of the previous six days. The pair bounced off the 0.6280 area early on Friday to hit highs of 0.6475 during the midday US session, before consolidating above 0.6425.

US Dollar Falls After Mixed Non-Farm Payrolls Report

US employment figures have shown mixed readings in October, adding to the weakness of an already vulnerable US dollar as risk appetite returned to markets. European equity markets have closed with gains of over 2%, while the main US stock indices are mixed in afternoon trading after a strongly positive open.

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Non-distant private employment rose by 261,000 in October, beating expectations of 200,000, while September’s figures were revised to 315,000, from 264,000 previously estimated.

Investor enthusiasm for the good jobs data has been offset by the higher-than-expected unemployment rate, which rose to 3.7% from 3.5% in September, beating consensus of a 3.6% reading, and the slowdown in hourly wages, down 4.7% in October from 5% in September.

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These latest figures suggest labor market conditions may finally be softening, dampening expectations of a more aggressive Fed tightening and increasing downward pressure on the dollar.

AUDUSD has reached a major resistance at 0.6470

The four-hour chart shows that Friday’s strong recovery has brought the pair to a major resistance zone between 0.6470 and 0.6520.

The bullish crossover seen between the 50-200 SMA heralds the possibility of further appreciation, although with the pair reaching overbought levels on the hourly charts, some hesitation seems likely before the pair breaks. resume the upward path.

AUDUSD 4 hour chart

Technical levels to watch

AUD/USD

Overview
last price today 0.6444
Today I change daily 0.0154
Today’s daily variation in % 2.45
Daily opening today 0.629
Trends
daily SMA20 0.6338
daily SMA50 0.654
daily SMA100 0.6728
daily SMA200 0.6975
levels
Previous daily high 0.6372
Previous Daily Low 0.6272
Previous Weekly High 0.6522
Previous Weekly Low 0.6272
Previous Monthly High 0.6548
Previous Monthly Low 0.617
Daily Fibonacci of 38.2% 0.631
Daily Fibonacci of 61.8% 0.6334
Daily Pivot Point S1 0.6251
Daily Pivot Point S2 0.6211
Daily Pivot Point S3 0.6151
Daily Pivot Point R1 0.6351
Daily Pivot Point R2 0.6411
Daily Pivot Point R3 0.6451

Source: Fx Street

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