Current trend

Against the strengthening of the American dollar, the AUD/USD pair is correcting, holding at 0.6525.

The price was supported by a report on the Australian labor market: the February unemployment rate published on Thursday remained at 3.8%, facilitated by an increase in employment by 26.6K to 14.269M, and the number of unemployed adjusted by –3.5K to 562.2K. The employment-to-population ratio increased to 64.2%, the working-age population – from 66.6% to 66.7%, the full-time employment rate increased by 78.2K, reaching 9.824M, and part-time employment – 38.3K, amounting to 4.444M.

The American dollar has stabilized at 104.4 points in USDX: investors are assessing Friday’s speech by US Federal Reserve Chairman Jerome Powell, in which he confirmed that officials consider current interest rates to be high and are preparing to begin reducing them but a final decision on the date and size of changes was not made. Tomorrow, the Conference Board’s consumer confidence index for March will be published: according to preliminary estimates, the indicator will remain at 106.7 points, supporting the national currency.

Support and resistance

On the daily chart, the price is falling, having gone beyond the ascending channel with dynamic boundaries of 0.6650–0.6220.

Technical indicators strengthen the sell signal: fast EMA on the Alligator indicator are below the signal line, expanding the range of fluctuations, and the AO histogram forms downward bars, moving away from the transition level in the sell zone.

Resistance levels: 0.6550, 0.6630.

Support levels: 0.6500, 0.6440.

Trading tips

Short positions may be opened after the price declines and consolidates below 0.6500, with the target at 0.6440. Stop loss – 0.6540. Implementation period: 7 days or more.

Long positions may be opened after the price rises and consolidates above 0.6550, with the target at 0.6630. Stop loss – 0.6510.