The Australian dollar is appearing increasing comfortable above the 0.7700 level against the US dollar, following much better-than-expected Australian jobs data earlier this morning. A bullish inverted head and shoulders pattern continue to project an incoming move towards the 0.7770 level. AUDUSD traders could start to book some profits if the pair reaches the patterns upside objective.
The AUDUSD pair is only bullish while trading above the 0.7690 level, key resistance is found at the 0.7770 and 0.7800 levels.
The AUDUSD pair is only bearish while trading below the 0.7690 level, key support is found at the 0.7650 and 0.7620 levels.