A fall in Australia’s unemployment rate has confirmed the country’s strong fundamentals and put the Aussie back on track. After hitting the supply area around 0.7800, the price action has previously gone sideways for the lack of a catalyst.
An oversold RSI indicator has raised traders’ interest to buy the dip at the psychological level of 0.7700. A rally back above 0.7835 could resume the medium-term uptrend.
In the case of a pullback, the area between 0.7670 and 0.7700 would see strong buying interests.
