The Australian Dollar (AUD) inched higher against the US Dollar (USD) on Thursday, increasing the price of AUDUSD to more than 0.7650 following some key economic releases. The technical bias shall remain bullish because of a higher high in the recent upside move.
AUD/USD Technical Analysis
As of this writing, the pair is being traded around 0.7687. A support can be noted around 0.7500, an immediate horizontal support ahead of 0.7450 the psychological number and then 0.7367, another key horizontal support as demonstrated in the given below chart.
On the upside, a hurdle can be noted near 0.8090, an immediate horizontal resistance level ahead of 0.8100, the psychological level and then 0.8249, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 0.8024 resistance area is intact.
US Jobless Claims
The number of Americans filing for unemployment benefits rebounded last week from a more than 48-year low, but the trend continued to point to robust labor market conditions.
Initial claims for state unemployment benefits increased by 21,000 to a seasonally adjusted 231,000 for the week ended March 3, the Labor Department said. Claims dropped to 210,000 in the prior week, which was the lowest level since December 1969.
Trade Idea
Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.