Aussie takes a bullish turn – Employment report in play
The commodity currency AUD/USD takes a bullish turn to jump from a multi-month low of 0.7200. It's mostly due to the recent drop in the...
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Last updated: Thursday, August 16, 2018
Good morning, traders.
The commodity currency AUD/USD takes a bullish turn to jump from a multi-month low of 0.7200. It’s mostly due to the recent drop in the Australian unemployment rate, which surprisingly drops from 5.4% to 5.3%. While employment change misses the expectation of 15K to drop to -3.9K.
AUD/USD – 120 Min Chart
Technically, the AUD/USD is heading north to complete 38.2% Fibonacci retracement near $0.7295. Below this (0.7295), the pair can stay bearish, while a bullish violation of this level can lead Aussie towards $0.7320.
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Arslan Butt
Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.
His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.
His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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