The Australian Dollar (AUD)  inched lower against the US Dollar (USD) on Thursday, decreasing the price of the pair to less than 0.7100, following some major economic releases. The technical bias may turn bearish since the price of the pair marked a higher low in the recent upside move.

AUD/USD Technical Analysis

As of February 28, 2019, the pair is being traded around 0.7098, a support can be seen around 0.7081, the trendline support ahead of 0.7008, the major horizontal support level and then 0.6940, the 61.8% Fib level as demonstrated in the given below chart.

On the upside, a resistance can be noted around 0.7246, the trendline resistance ahead of 0.7300, the psychological number and then 0.7392, the major horizontal resistance level as demonstrated in the given above chart. The technical bias shall remain bearish unless 0.7182, the trendline resistance remains intact.

United States ADP Employment Change News

The employment change rate in the US remained 163K in August, as compared to 217K during the month before, up beating the economist expectation which was only 190K, the data is taken from the news released by Automatic Data Processing Inc.

The organization measures the number of people remained employed over a due course of time. Generally speaking, a positive reading in the employment data rate is considered as bullish for the US Dollar (USD) and vice versa.

Trade Idea

Considering the overall technical and fundamental outlook, selling the pair NZDUSD around current levels may be a good strategy in short to medium term.