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AUD/USD: better bid tone towards Tokyo

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - AUD/USD is better bid in early Asia in the run up to the final open this week in Tokyo, despite the skepticism over the jobs data of yesterday that 58.6k, mostly full time jobs, could have been created in a single month.

    The full-time jobs arrived at 40k vs -10.4k last, with part-time jumping 18.6k. The key Australian unemployment rate fell out of the RBA's advised bracket of 6 to 6.5% and dropped to 5.9% vs 6.2% expected and 6.2% last. The participation rate, however, was at 65% vs 64.9% exp and 64.9% last.

    However, the Fed chat today has not been dollar friendly, with concerns over inflation and timings of a rate hike. However, in recent trade, vice-chair of the Federal Reserve, Stanley Fischer, speaking at on incorporating financial stability into monetary policy suggested actually that downward pressure on inflation related to energy will fade.

    AUD/USD levels

    Technically, AUD/USD faces pressures while oscillating below 0.7154 (20 DMA) while the 0.7086 lows displayed overnight are left for dust as price finds a solid foundation into the closing session on the 0.71 handle once again.

    Meanwhile, 0.7298/0.7385 Fibo retracement levels remains the key objective for the bulls with 0.7169 6th Nov highs as first target ahead of the 0.7225 3rd Nov highs.
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