AUD/USD: bulls battle for the 0.71 handle

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is currently battling with the 0.71 handle after profits were taken while the bulls are reluctant to give in after the positive surprise in the unemployment figures and jobs data for the Australian economy.

    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.

    This data will allow the RBA to hold out and maintain their policy while it is supporting Tony Abbott's jobs and growth agenda. Meanwhile, Fed officials today have been less hawkish and the greenback is giving back a little across the board, supporting AUD/USD's demand case on the 0.71 handle still.

    AUD/USD levels

    Technically, AUD/USD struggled at 0.7154 (20 DMA). Until the pair can manage a score through 0.7298/0.7385 Fibo retracement levels the bearish tone persists overall.
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