AUD/USD: bulls just holding on to 0.71 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - AUD/USD is testing the downside in the closing session for the week, pressuring the 200 SMA on the hourly chart. We are relatively flat for the session although the greenback remains resilient on bad news, signifying that markets are intent on a Fed hike for December.

    We had been awaiting Fed speak this week to drive the price, as well as the Aussie jobs data that exceeded all expectations, but the chatter was mixed and uninsightful.

    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.

    AUD/USD levels

    Technically, AUD/USD has been pressured to the downside below 0.7154 (20 DMA) and tests the 1hr 200 SMA at 0.7108. A break here will leave risk mounted towards the pre jobs data news price at 0.7060 in the near term.
    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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