AUD/USD Bullish Wicks Mark New Wave Of Buyers

The AUD has been rebounding of late, with stronger Employment numbers for the month and a reduction in the Unemployment Rate to 5.7% as it approaches full employment. Interestingly, the MI Inflation target is 4% for the next 12 months, which may signal rate hikes in the near future. USD weakness continues, and the USD Index looks destined a bit lower, with lower manufacturing numbers, but with all other indicators relatively stable, the concerns lie with whether Trump can now deliver on his Tax cut promises for the next boost to the US economy.

The AUD/USD is getting close to the POC zone (61.8, D L3, ATR, TargetEMA89) within 0.7415-25. The interim bullish outlook is further supported by bullish wicks (blue highlight) that mark historical buyers. Now moment buyers could appear exactly there and the wicks are in confluence with the POC zone. We can also notice an ascending trend The target for the move is 0.7485 D H5 / W H5 confluence.

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Author: Travis Esquivel

Travis Esquivel is an engineer, passionate soccer player and full-time dad. He enjoys writing about innovation and technology from time to time.

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