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AUD/USD bulls tired and await Nonfarm Payrolls

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - AUD/USD got an initial lift on upbeat retails sales coming in better than expected 0.5% vs 0.4% consensus. AUD/USD rose a handful of pips to 0.7347 from 0.7336 on the release.

    The major commodity currency, supported on the day by gold and oil and short greenback positions on the ECB, has fallen back again with lack of flow ahead of the Nonfarm Payrolls coming up tonight as the main event. The day overnight was dramatic with the ECB surprising markets and rally the most it has done in six years on the event and against a market caught short the euro. Nonfarm Payrolls has the making for a good number as a prelude to the FOMC where a Fed hike is expected.

    AUD/USD levels

    Technically, a break of 0.7350 level opens up the potential for 0.7380 before the psychological 0.7400 level. Below the 200 DMA at 0.7460, the bearish bias prevails. The downside will target the 100 SMA at 0.7270 on the hourly time frames. Below here is the 200 SMA at 0.7247. The key 0.7200 psychological level is next target for the bears where the 100 DMA is located at 0.7194 and a subsequent break of the 55 DMA at 0.7162 should open up territory towards the 0.7017 November low and the September low at 0.6940.

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