AUD/USD sails to 0.9530

FXstreet.com (New York) - The AUD/USD foreign exchange stumbled overnight following the Australian data release, however the pair has now rebounded strongly during the European session.

AUD/USD roiled overnight despite upbeat Australian data

Overnight in Australia, the Employment Change s.a. (May) came in at 1,100, crushing expectations of -10,000. In addition, the Unemployment Rate s.a. improved to 5.5% in May, beating estimates of 5.6%.

At the time of writing, the AUD/USD has notched a healthy gain of +0.46%, operating at 0.9530. Given the recent uptrend present in the pair, Mataf.net analysts point to the next level of resistive correction for the AUD/USD at 0.9555, then 0.9634, and finally 0.9703. On the decline, supportive structures will trigger at 0.9407, ahead of 0.9338, and finally 0.9259.

AUD/USD bullish correction on horizon?

According to the Technical Analyst Team at ICN.com, “The AUD/USD pair is trading positively since it confirmed stability above 0.9360 and rupture this key level thus far today. The pair is also trading above its linear regression indicators, which are now less inclined to the downside, while momentum indicators reflect a downside bias. As a result, we believe the AUD/USD is attempting to steady above 0.9540 to commence a bullish correction in the upcoming stage.”