The 4H chart shows that the AUD/USD pair has been in a strong bullish trend since April 10. It has jumped from a low of 0.6624 to 0.6710.
- Buy the AUD/USD pair and set a take-profit at 0.6800.
- Add a stop-loss at 0.6650.
- Timeline: 1-2 days.
- Set a sell-stop at 0.6675 and a take-profit at 0.6620.
- Add a stop-loss at 0.6785.
The AUD/USD pair rose slightly after the impressive Australian jobs numbers and encouraging US inflation data. It jumped to a high of 0.6710, which was a few points above the lowest level this week.
The Australian statistics bureau published strong jobs numbers on Thursday. According to the statistics agency, the unemployment rate remained unchanged at 3.5% in March. Analysts were expecting the data to show that the jobless rate rose to 3.6%.
Another number revealed that the labor participation rate rose to 66.7% in March while the economy created over 72k jobs during the month.
These numbers show that the country’s economy was doing well even as interest rates and inflation remained high. They also show that the country was facing a major labor shortage, which is limiting the pace of the recovery.
The pair also rose after China’s trade numbers improved in March. The country’s exports jumped by 14.8% in March after falling by 6.8% in March. Imports declined by 1.4%, which was a narrower decline from the previous 10.2%. As a result, the trade surplus came in at $88.19 billion,
China is working to improve its trading relationship with Australia. Officials are now considering lifting the barley imports from the country.
The AUD/USD pair also reacted to the latest American inflation data and Fed minutes. On Wednesday, data revealed that American inflation dropped to 5.0% in March, the lowest level since 2021. This decline is a sign that the actions of the Fed are working.
Minutes published on Wednesday showed that some members considered pausing interest rates during the month. Therefore, with inflation falling, analysts and traders believe that the hiking cycle is nearing its end. They expect another rate hike followed by a strategic pause.
The 4H chart shows that the AUD/USD pair has been in a strong bullish trend since April 10. It has jumped from a low of 0.6624 to 0.6710. The pair has risen above the ascending trendline that connects the lowest level since March. The pair also crossed the 50-period moving average, which is a positive sign. Further, the MACD has moved above the neutral point.
Therefore, the pair will likely continue rising as buyers target the next level at 0.6800, the highest point on April 4.