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AUDUSD: under pressure after the publication of data on the labor market in Australia

Buy on a level breakthrough of 0.7348 with 0.7428 target. Stop loss = 0.7290.

Reason for the trading strategy

In July, the employment level in Australia grew by 38.7 thousand (mainly due to growth in part-time employment) with a forecast 10.2 thousand, and the unemployment rate grew from 6.1% to 6.3%. The initial reaction of the Aussie to the data was positive, but soon investors started closing long positions on it. We will be able to talk about a resumption of purchases after the AUD/USD pair breaks through the resistance level of 0.7348.

AUDUSD, H4

AUDUSD



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