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AUD/USD awaits key jobs data - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the AUD/USD pair continued trading in a limited intraday range, but it may wake up from its lethargy during the upcoming Asian session, given that Australia will release its November consumer inflation expectations, previously at 3.5%, and the employment data for October.

    Key Quotes

    "According to market expectations, the report should result in a positive surprise as the country is expected to have added 15,000 new jobs, while the unemployment rate is expected to remain steady at 6.2%. The Australian dollar has suffered from poor Chinese data, and a steady decline in gold prices, situations that are far from changing. Therefore, any intraday advance may be reverted by longer term traders waiting to sell at higher levels.

    Technically, the 1 hour chart shows that the price holds below its 20 SMA, while the technical indicators head slightly lower below their mid-lines, but lacking momentum, supporting a downward move. In the 4 hours chart, the price is hovering around a flat 20 SMA, while the technical indicators have turned lower around their mid-lines, also showing no directional strength."
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