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14 Apr 2015
AUD/USD: Market resting up ahead of key jobs this week?
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7584 with a high of 0.7592 and a low of 0.7580.
AUD/USD remains in the depths of yesterday's sell-off post the Chinese disappointments that are sighted to effect Australia's trade and demand for the Aussie. This coupled with the forthcoming jobs data this week from the Australian economy and the next RBA's meeting not too far off, participants in the currency are likely standing to the sidelines in anticipation and until a clearer trend is set in to place to work with.
If anything, there is a bearish bias in place, especially on the RBA's previous comments when they last held rates, when they said further easing may be appropriate in coming meetings and this will be assessed then. Thus, this next jobs report is going to be very closely monitored and a poor one may tip the scales for such action from the RBA next time around in May.
Technically, to the downside, a break of recent low at circa 0.7530 brings in the the two month support line at 0.7503. This is key and bulls will be reluctant to let this go easily outside of either a strong rally in the greenback, a poor Aussie jobs report or a very strong sentiment in the market for action from the RBA as soon as May. If it were to give, the October 2006 low at 0.7416 comes in to light ahead of July 2005 lows at 0.7369.
AUD/USD remains in the depths of yesterday's sell-off post the Chinese disappointments that are sighted to effect Australia's trade and demand for the Aussie. This coupled with the forthcoming jobs data this week from the Australian economy and the next RBA's meeting not too far off, participants in the currency are likely standing to the sidelines in anticipation and until a clearer trend is set in to place to work with.
If anything, there is a bearish bias in place, especially on the RBA's previous comments when they last held rates, when they said further easing may be appropriate in coming meetings and this will be assessed then. Thus, this next jobs report is going to be very closely monitored and a poor one may tip the scales for such action from the RBA next time around in May.
Technically, to the downside, a break of recent low at circa 0.7530 brings in the the two month support line at 0.7503. This is key and bulls will be reluctant to let this go easily outside of either a strong rally in the greenback, a poor Aussie jobs report or a very strong sentiment in the market for action from the RBA as soon as May. If it were to give, the October 2006 low at 0.7416 comes in to light ahead of July 2005 lows at 0.7369.