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The Aussie has climbed back above its psychological .90 level and is testing previous March highs as the risk trade rallies in reaction to better than expected U.S. employment data.\u00a0 The Aussie is enjoying the development in particular since the RBA just raised rates again and Australia\u2019s economic data has been altogether solid.\u00a0 The Aussie has broken above our key 2nd tier downtrend line again in the process.\u00a0 Our 2nd tier runs through the .92 level.\u00a0 Hence, a confirmation through our 3rd tier downtrend line could signal a more lasting near-term rally towards the .92 area.\u00a0 Meanwhile, we recognize strong price action in gold and the USD\/JPY, positive developments for the risk trade as well.\u00a0 Data is done for the week, meaning the remainder of the trading session will likely feed off of today\u2019s U.S. employment figures barring any psychological developments.\u00a0 Australia will kick off next week with job advertisements and business confidence data.\u00a0 However, the more influential releases will likely be Chinese new loans and trade balance data along with Australia\u2019s home loans figure due Wednesday.\u00a0 For the time being it will be interesting to see if the Aussie can break through previous March lows and solidify.<\/p>\n
Technically speaking, the Aussie has multiple uptrend lines serving as technical cushions along with intraday and 3\/3lows.\u00a0 We\u2019ve kept our trend lines intact to give investors an idea of the relevance of today\u2019s topside movement.\u00a0 As for the topside, the Aussie has multiple downtrend lines serving as technical barriers along with March highs and the highly psychological .90 area.<\/p>\n
Price: .9081<\/p>\n
Resistances: .9090, .9104, .9120, .9134, .9146, .9160<\/p>\n
Supports: .9072, .9054, .9038, .9021, .9008, .8993<\/p>\n
Psychological: .90, March highs and lows<\/p>\n
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