AUD/USD consolidating above 0.7100

By FXStreet FXStreet (Edinburgh) – The Aussie dollar remains the best G10 performer on Thursday, lifting AUD/USD to the vicinity of 0.7160 although surrendering some ground afterwards.

AUD/USD boosted by data

Spot has managed to break above the overnight consolidative pattern around 0.7060, climbing a cent following the stellar report from the Australian labour market during October, where the unemployment rate ticked lower to 5.9% and the employment has increased by nearly 60K.

However, the sustainability of the current correction higher will remain under scrutiny, in light of the broader picture of the RBA monetary policy stance, the potential slowdown in the Chinese economy and the persistent weakness surrounding the commodity universe.

AUD/USD levels to consider

As of writing the pair is up 1.06% at 0.7136 facing the next up barrier at 0.7199 (50% Fibo of 0.7386-0.7012) ahead of 0.7237 (100-day sma) and finally 0.7386 (monthly tops Oct.12). On the other hand, a breach of 0.7009 (2-month uptrend) would aim for 0.6934 (low Sep.29) and then 0.6893 (2015 low Sep.7).
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Source:: FX Street