Australian dollar rises sharply higher to 0.6787, further upside likely

The Australian dollar rose sharply in the Australian trading session as the AUDUSD pair reached a high of 0.6787.

15 August 2019, OctaFX – The Australian dollar rose in the Asian session after the statistics office released the employment data for the month of July. The numbers showed that the unemployment rate remained unchanged at 5.2%.

The employment change increased by 41.1k, which was much higher than the consensus estimates of 14k. The participation rate increased slightly to 66.1% from the previous 66%. These numbers show that the Australian economy is doing well, at a time when global risks are high. 

AUDUSD technical analysis

The AUDUSD pair rose sharply in the Australian trading session. The pair reached a high of 0.6787. On the hourly chart, the price is slightly above the 14-day and 28-day moving averages. The RSI has moved up slightly to the current level of 63. Today, the pair will likely test the important resistance level of 0.6800.

Australian dollar rises


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.

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