Current trend

The growth of the AUD/USD pair from 0.6655 to 0.6687 is supported by positive data from the Australian labor market, published on Thursday.

Thus, the September employment change was 64.1K, better than the forecast of 25.2K and 42.6K earlier, unemployment fell from 4.2% to 4.1%, and full employment increased from –5.9K to 51.6K. Since spring, the sector has been slowly recovering, a positive signal for the Reserve Bank of Australia (RBA), which will meet on November 5. Officials may keep the interest rate at 4.35%, which has been held since November 7, 2023, to curb the inflation growth, which is 3.8%.

The long-term trend remains upward. In October, the price could not break the resistance level of 0.6930 and entered a downward correction, within which it reached the support level of 0.6655. There, growth may continue to the resistance level of 0.6720 and the area of ​​0.6820 and 0.6930. In the case of a breakdown of 0.6630, the quotes will decline to ​​0.6565 and 0.6450.

The medium-term trend is downward. In early October, the asset broke the target zone of 0.6797–0.6783 and headed to zone 2 (0.6637–0.6621). There, traders may close large short positions, and the price will reverse into an upward correction to the key trend resistance area of ​​0.6826–0.6810, where short positions with the targets of 0.6738 and 0.6650 are relevant. After a breakdown of zone 2, the next sell target within the trend will be zone 3 (0.6477–0.6461).

Support and resistance

Resistance levels: 0.6720, 0.6820, 0.6930.

Support levels: 0.6655, 0.6630, 0.6565.

Trading tips

Long positions may be opened above 0.6720, with the target at 0.6820 and stop loss 0.6690. Implementation period: 9–12 days.

Short positions may be opened below 0.6630, with the target at 0.6565 and stop loss 0.6660.