AUD/USD: 0.7240 is upside target – FXStreet

By FXStreet FXStreet (Guatemala) – Valeria Bednarik>, chief analyst at FXStreet explained that the AUD/USD pair reversed course last week, closing with gains after falling for four weeks in-a-row.

Key Quotes:

“The Australian dollar got a nice boost from a shockingly positive local employment report, which showed that the country added over 58K new jobs last October. Investors took some profits out of the table on Friday, but the pair held to most of its weekly gains and closed above the 0.7100 level.

The daily chart shows that an upward continuation can’t yet be confirmed, given that the price retreated at least twice from a bearish 20 SMA, whilst the Momentum indicator holds around its 100 level, and the RSI turns south around 48.

In the 4 hours chart, the price has failed to advance beyond the 200 EMA, currently at 0.7150 and the immediate resistance, but remains above a bullish 20 SMA, whilst the technical indicators turned south in positive territory. A candle opening above the mentioned level should favor further gains for the upcoming sessions, with 0.7240 as the next strong static resistance level to watch.”
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Source:: FX Street