Technical Outlook AUDUSD 19.07.2017

Technical Outlook AUDUSD 19.07.2017

AUDUSD eyes 0.8000 target; Australian jobs data in focus

AUDUSD

The Aussie dollar is holding firm tone and consolidating above 0.7900 handle on Wednesday, following strong rally the day before, inspired by hawkish RBA minutes.
Stretched third wave from 0.7571 trough extended above its FE 200% at 0.7933 but gains were so far limited at 0.7946 (today’s marginally higher high / the highest since mid-May 2015).
The pair may extend lower as RSI / slow stochastic are strongly overbought on daily chart, with dips expected to find solid supports at 0.7850/00 zone (hourly cloud base / Fibo 38.2% of 0.7572/0.7946 upleg), before bulls resume towards target at 0.8000.
Australian jobs data, due on Thursday, are in focus. Unemployment is expected to tick higher to 5.6% in June from 5.5% in May, while the number of employed in June is expected to increase by 15K which is well below previous month’s increase by 42K.

Res: 0.7946; 0.8000; 0.8044; 0.8114
Sup: 0.7908; 0.7889; 0.7850; 0.7800