Buy on a level breakthrough of 0.6972 with 0.7035 target. Stop loss = 0.6922.
Reason for the trading strategy
In December, Australia's employment level declined by 1 thousand, with a forecast of a decrease by 11 thousand; the unemployment level remained unchanged at 5.8%, with a forecast of a growth to 5.9%. The data, which was better than expected, reduced the likelihood of further reduction of the key interest rate in Australia and allowed the Aussie to rebound from the 2016 low.