Back
12 Mar 2015
AUD/USD: Looking in to 0.76 ahead of jobs data
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7600 with a high of 0.7604 and a low of 0.7587.
AUD/USD is putting in some ground work for the 0.76 handle again, having found support on 0.7585 on the fade that topped at 0.7610. In the first instance however, the Aussie came crashing down from 0.7630 with a very well bid greenback overnight and these appears to be a rest bite of that and a minor recovery ahead of what could hold a volatile day, within a bearish environment, ahead for the pair in the forthcoming monthly employment report for February, with the unemployment rate expected at 6.3% against previous 6.4% and the employment change expected at 15.0K from previous -12.2K.
Technically, Karen Jones, chief analyst at Commerzbank suggested that AUD/USD remains on course for the base of the 2 year down channel at 0.7528, which we would expect to see this hold the initial test. "An overall negative bias is maintained below the downtrend at 0.7836 today. Below 0.7528 targets then 0.7183, 61.8% retracement of the move up from 2001. Above the downtrend (0.7836) would introduce scope to the 0.8034 7th January low. A close above .8035 is needed to alleviate downside pressure."
AUD/USD is putting in some ground work for the 0.76 handle again, having found support on 0.7585 on the fade that topped at 0.7610. In the first instance however, the Aussie came crashing down from 0.7630 with a very well bid greenback overnight and these appears to be a rest bite of that and a minor recovery ahead of what could hold a volatile day, within a bearish environment, ahead for the pair in the forthcoming monthly employment report for February, with the unemployment rate expected at 6.3% against previous 6.4% and the employment change expected at 15.0K from previous -12.2K.
Technically, Karen Jones, chief analyst at Commerzbank suggested that AUD/USD remains on course for the base of the 2 year down channel at 0.7528, which we would expect to see this hold the initial test. "An overall negative bias is maintained below the downtrend at 0.7836 today. Below 0.7528 targets then 0.7183, 61.8% retracement of the move up from 2001. Above the downtrend (0.7836) would introduce scope to the 0.8034 7th January low. A close above .8035 is needed to alleviate downside pressure."