Technical Analysis: AUDUSD

AUDUSD reached a one-week high

On Wednesday, AUDUSD continued rising. At one point, it reached 0.6550, the highest level since 3^rd November.

Australian unemployment rate declined in October

Australian Unemployment Rate (October) fell from 4.5% to 4.3% Vs. 4.4%(forecast), according to the data from the Australian Bureau of Statistics.

The USDX was prone to narrow fluctuation

On Wednesday, the USDX rose and then fell. Finally, it closed in flat territory, ending at 99.46. 

The bullish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, AUDUSD increased steadily. The bullish market trend prevailed in the short term. In terms of technical indicators, MACD went upwards after golden cross occurred, showing that AUDUSD will rise further. Investors should focus on whether AUDUSD will break through the resistance at 0.658. It will jump with potential resistance at 0.663 if it breaks above 0.658.

4-hour chart

On the 4-hour chart, AUDUSD was prone to fluctuation and climbed. The bullish market trend prevailed. In terms of technical indicators, KDJ went upwards after golden cross occurred, showing that the market trend is bullish. Investors should focus on whether AUDUSD will break through the support at 0.654. It will climb if it retreats but is stable above 0.654.

Key resistance: 0.658,0.663

Key support: 0.654,0.651

Generally speaking, the bullish market trend prevailed in the short term. Investors should focus on US CPI (October) during the day.