AUDUSD trades to new session highs. Keeping the bullish run going.
Australia employment data released in the new trading day
The AUDUSD has traded to a new session high at 0.7181. The pair remains above -and is moving away from - the 200 hour MA (green line) at 0.71601. The price has not been above the 200 hour MA since August 29th. That is now risk for longs. Stay above = bullish. Move below = bullish waters more muddy.
In the new trading day, Australia will release their employment numbers.
- Unemployment is expected to remain at 5.3%
- Employment change is expected to rise 18.0K vs -3.9K last
- Participation rate is expected to come in at 65.6% vs 65.5% last
- Full time employment last month rose 19.3K, while part time fell -23.3K. There are no estimates for each.
If the bullish run continues, the 38.2% of the move down from the August 21 high comes in at 0.7198. Above that the 0.7210 and 0.7218 swing highs will be eyed. The 50% retracement is at 0.7233.
Again....on the downside, a move back below the 200 hour MA, muddies the bullish waters from today's price action.