Today Australian dollar (AUD) after the decline of three consistent days, inched higher itself against the US Dollar (USD), its good to say that AUDUSD is already on the way of its success by continuously enjoying the status of optimal level with the price of more than 0.6900.
There are a variety of reports that operate behind this optimum AUDUSD position, along with the multiple support levels that have constantly done their hardest to keep the market at its highest level.
We have the view that this recent rise comes, because of the upcoming news of the employment change that in the previous month was -227.7 K, but now according to the analyst’s prediction, it would report itself at 112.7 K on July 15, 2020.
The employment change published by the Australian Statistics Bureau calculates the increase in the number of people employed.
The increase in the change in jobs has positive implications for consumer spending and thus increases economic growth.
The price of the pair has the three resistance levels on the upside, might not allow the pair to move ahead.
On the other side, there is another news that also puts its remarkable impact on the raise of price, which is the Retail sales report that shifted from the negative reading of 17.7 percent last month to positive 16.9 percent.
Because of the higher high wave printed on the graph in the last upside movement indicates that the market might remain bullish for a while, therefore AUDUSD market opens its ground for the short and medium-term traders.