1. Hello Guest Do you know binary.com offers exclusive $20 No Deposit Bonus for FX Binary Point visitors? Click here to sign up

AUD/USD bears looking for break to 0.6905

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Joined:
    Oct 7, 2015
    Messages:
    27,524
    Likes Received:
    0
    FXStreet (Guatemala) - AUD/USD is moving along a line of consolidation after opening the week in early Asia better offered following Nonfarm Payrolls sell-off and the Chinese news from over the weekend that further pressured EM's and the commodity bloc.

    The Chinese economy recorded its highest trade surplus on record last month. The Chinese trade balance offered a surplus of $61.4bn for October vs expectations of +$62.0bn while prior was $60.34bn. Exports were -6.9% y/y vs expected -3.2% (prior was -3.7%) while Imports were -18.8% y/y vs expected -15.2% (prior was -20.4%).

    The main theme remains with the divergence between Central Bank and the US Nonfarm Payrolls data increased chance for lift-off this year from the Fed. The average hourly earnings posted the biggest year-over-year gain since 2009 and increased 0.4% vs the estimated 0.2% and previous 0.0% m/m, up 2.5% over the prev year. The headline number for October came out as 271K, beating the estimate of 180K while the prior number was revised to 137K from 142K.

    AUD/USD levels

    Technically, AUD/USD is pressured below the base of the 2 month channel base at 0.7097 in an extension of the 0.7298/0.7385 Fibo retracement, 2014-2015 downtrend. A break of 0.7000 is required ahead of the September 9th low of circa 0.6940 targeting 0.6905 that guards territory to the 0.6774 2004 low.
    For more information, read our latest forex news.
     

Share This Page