Audusd Strong On Mixed Us Data

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Audusd Strong On Mixed Us Data

Aud/Usd Trades Near 0.6711 On Mixed Us Data

Friday's session was disappointing for the USD buyers as the USA data was mainly mixed at best. As a result, the AUD/USD remained strong near 0.6711 with no signs of any selling, which suggests the next goal is 0.6750 rather than 0.6700 support.

As per the ISM's data, the services sector showed signs of struggle during December. Given the current weakness in the US manufacturing sector, the recent ISM survey on the services sector doesn't send a good signal to the US buyers. As a result, it was only expected for the AUD/USD to stay strong after the release of recent data.

Us Unemployment Goes Down

few days ago, the NFP data showed a slight improvement in the unemployment rate. At the same time, a good increase in the average hourly earnings was seen, along with a healthy jump in job numbers.

Because of the ISM and the NFP, the AUD/USD turned slightly lower from 0.6748 (high) and ended the day near 0.6711. Looking ahead, the inflation from the US side is due, while the Australian side will release Retail Sales data.

Technical analysis shows that Australian Dollar buyers supported the pair upon reaching the 0.6640 handle. This enabled the pair to touch the strong resistance of 0.6750 and move back down again. The D1 shows that the AUD/USD pair has formed a doji, a sign of uncertainty.

The AUD buyers must close beyond the 0.6750 resistance to continue the bullish trend. This route will open the doors to the 0.6800 handle, which is also a severe hurdle for the AUD/USD traders.

On the contrary, the 0.6700 remains relevant for the sellers as a break of this will move the pair towards the critical moving averages. Given the upcoming data and the technical buildup, next week will be exciting for the Australian Dollar & the US Dollar.

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