AUD/USD bullish momentum likely to continue

Yesterday, official data showed that Australia's jobless rate improved to 6.8% in November (7.0% expected) with an addition of 90,000 jobs (+40,000 jobs expected). 

AUD/USD remains in a strong up trend and is supported by the rising 20MA currently at 0.746 (first support level). The RSI is highly overbought but doesn't show any reversal signal. Readers may want to consider the potential for opening Long positions above the horizontal support at 0.7335 with Fibonacci projection targets at 0.768 and 0.7815. Alternatively, a break below 0.7335 would call for a down move towards 0.722 and 0.709.

Source: TradingView, GAIN Capital

Related tags: AUD Forex

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