AUD / USD overview from April 16, 2021
AUD / USD is trading in a narrow sideways corridor with a slight buyer’s advantage around 0.7740.
Yesterday the Australian dollar strengthened after the release of statistics on the labor market in Australia, where employment rose by 70.7 thousand in March against the forecast of 35.0 thousand. The share of the economically active population rose to 66.3%. The unemployment rate in February fell from 5.8% to 5.6%.
The statistics confirm the words of the head of the Reserve Bank of Australia, Philip Lowe, that the mechanisms for stimulating the economy, developed by the regulator, turned out to be effective and have already begun to show results.
The US dollar index is trading in the area of the key level of 92.00. Yesterday in the United States was published a report on retail sales, showing an increase of 9.8% against the forecast of 5.6% and data on applications for unemployment benefits. During the week, 576 thousand applications were filed, which is below the expectations of 700 thousand and less than last week.
On the H4 chart, AUD / USD has broken through the upper border of the horizontal channel. The main forex indicators – the Alligator and the awesome oscillator confirm the bullish dynamics of the asset.
To enter purchases, you need to wait for the pair to consolidate above 0.7762. The closest target for buyers is 0.7900. The stop loss is placed at 0.7700.
If the price consolidates below 0.7701, we go to sells in the direction of 0.7578. Set the stop loss at 0.7760.