(DAILY NOTION) AUD/USD - Likely to Determined by Traders Reaction to 0.7578, Next Mover: U.S. Fiscal Stimulus

AUD/USD daily chart

Source: TradeStation

The AUD/USD is trading at 0.7591, up 0.17% at 11.56 a.m. Kuala Lumpur time. After the result showed Australian jobs exceed the expectation in November, the Australian dollar is hedging higher. Massive fiscal stimulus and monetary yield positive results after the coronavirus pandemic is under control, pushing the employment rate lower.

Employment increased by 90,000 in November Australian Bureau of Statistics (ABS) data on Thursday, following an equally impressive rise in October, and the jobless rate eased to 6.8%. Australia economy is on its way to its recovery after gone thought first recession in 3 decades this year earlier.

Although the AUD/USD moved closer to the next objective at 0.7677 on Thursday, the price action suggests tentative buying. This increases the probability of a closing price reversal top due to the strong employment data and the bearish outlook of the U.S. dollar. Based on the direction of AUD/USD, it is likely to be determined by trader reaction to 0.7578.

FOLLOWME Overall Sentiment (As of 4:00 p.m.)

As shown above, the overall sentiment of FOLLOWME traders in this symbol leans towards short-selling with a ratio of 66.11% while the rest of 33.89% is long position.