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AUD/USD sidelined around 0.7200 ahead of Payrolls

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Aussie dollar is following the rest of its peers at the end of the week, with AUD/USD trading on a soft note and waiting for US Payrolls later in the day.

    AUD/USD bid post-RBA

    Spot has briefly visited session lows in the 0.7170 area in early trade, although an upbeat tone from the RBA’s Statement on Monetary Policy has been collaborating with the current recovery to the boundaries of 0.7200 the figure.

    AUD has also met some selling interest after Retail Sales in Oz have missed expectations in December, coming in flat vs. a forecasted 0.5% gain.

    Ahead in the session, a consolidative pattern should not be a surprise, as cautiousness is expected to take over sentiment ahead of US Non-farm Payrolls (190K exp.).

    AUD/USD key levels

    As of writing the pair is losing 0.03% at 0.7196 facing the immediate support at 0.7148 (555-day sma) followed by 0.7017 (20-day sma) and finally 0.6999 (low Feb.3). On the other hand, a break above 0.7246 (high Feb.4) would open the door to 0.7325 (200-day sma) and then 0.7388 (monthly high Dec.4).

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