AUD/USD is currently trading in a bullish bias after breaking above the resistance of 0.7550. Today, we have seen a good amount of exhaustion in this pair in light of two high impact economic events. Today, the US FOMC Statement was released after the Federal Funds Rate had been lifted to 1.25% from previous rate of 1.00%. The decision provided USD with fresh impetus against AUD. However, a few hours later since the reports on AUD Employment Change and Unemployment Rate report were published, USD shed all its gains. Today Australian Employment Change showed a positive change to 42.0k, much stronger than the expected 9.7k rise and Unemployment Rate was also decreased to 5.5% which was expected to be unchanged at 5.7%. Currently, the market is correcting itself after the exhaustion. Moreover, today RBA Assist Gov. Debelle is due to speak about nation's key interest rate and future policy shifts. Besides, US Unemployment Claims is due to be published which is expected to decrease to 241k from 245k previously. These events are likely to bring in good volatility in the market and provide a signal for an upcoming move of this pair.
Now let us look at the technical chart. The price is currently above the resistance area of 0.7500-50. As the price remains above the resistance area, a further bullish move is expected in this market to reach 0.7750 level. Because of the positive Employment Change and Unemployment Rate report today, the Australian dollar is quite stronger and expected to gain more in the coming days. We might see some corrective structures along the way to 0.7750 and a bullish bias is expected to remain intact until the price breaks below 0.7500 level with a daily close.
