7 May 2015
AUD/USD: Is marching higher now post jobs data
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7955 with a high of 0.7976 and a low of 0.7922.
AUD/USD had been relatively steady on the back of the labor force data in Australia, despite a knee jerk reaction to the downside of 20 pips initially. Now, at time of writing we are seeing a little demand come through. However, Analysts at Rabobank explained that given we have just had the RBA rate cut, and we get the Statement on Monetary Policy tomorrow, this release might have somewhat less impact than it usually does.
The report showed that the full time employment change, -21.9K while the prior was +41.3K and revised up from 31.5K, so this was a big miss. Meanwhile revisions else where within the report were also strong. Technically, there needs to be a clear break out of the current range between 0.7750/0.8000 while a close above 0.8068 would initiate a deeper recovery to the 0.8247/38.2% retracement of the move down from September 2014 and the 0.8295 2015 peak, as suggested by Karen Jones, chief analyst at Commerzbank.
AUD/USD had been relatively steady on the back of the labor force data in Australia, despite a knee jerk reaction to the downside of 20 pips initially. Now, at time of writing we are seeing a little demand come through. However, Analysts at Rabobank explained that given we have just had the RBA rate cut, and we get the Statement on Monetary Policy tomorrow, this release might have somewhat less impact than it usually does.
The report showed that the full time employment change, -21.9K while the prior was +41.3K and revised up from 31.5K, so this was a big miss. Meanwhile revisions else where within the report were also strong. Technically, there needs to be a clear break out of the current range between 0.7750/0.8000 while a close above 0.8068 would initiate a deeper recovery to the 0.8247/38.2% retracement of the move down from September 2014 and the 0.8295 2015 peak, as suggested by Karen Jones, chief analyst at Commerzbank.