AUD/USD bulls squeezed to 1hr 50sma on Aussie jobs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    AUD/USD is down to test the cluster of supporting ma''s on the hourly chart after a miss in expectations on the headline of the employment change. -7.9k vs the expected add of 13k jobs for January. Finally, a realistic number some might say?

    AUD/USD was trading off the highs of 0.7185, while traders positioned themselves for a continuation of the upside and looking for a bid onto the 0.72 handle. However, as fate had it, a long squeeze is in play and the price is testing the 50 sma on the hourly chart at 0.7135 at time of writing with a low of 0.7134 so far.

    For full details of the jobs report, go here

    AUD/USD levels

    AUD/USD has the 200 sma on the hourly chart as next support at 0.7102, guarding the recent lows of 0.7064. A break there then exposes 0.6980, below S3 at 0.7007.
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