The AUDUSD pair has risen sharply to an intraday high of 0.7280, the highest it has been since October 8. Will the upward trend continue? The following technical analysis will reveal.
November 15, OctaFX – The Aussie gained after Australia released solid job numbers. In October, the country’s unemployment rate remained at 5.0%, which was better than the consensus estimate of 5.1%.
The participation rate increased to 65.6% while the employment change increased by 32.8K. This was almost double than what investors were expecting.
AUDUSD Technical Analysis
The AUDUSD pair rose sharply to an intraday high of 0.7280. This was the highest it has been since October 8. It was also a continuation of the upward trend that started on Tuesday this week. The pair’s short-term EMAs show that the upward trend could continue.
This is confirmed by the RSI, which is at 67 and the Demarker indicator. More upward movements will likely take the pair to test the 0.7300 level.
This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.