12 Sep 2013
AUD/USD prints higher lows; back above 0.9270
FXstreet.com (Chicago) - AUD/USD extended a steady decline throughout the afternoon of the American trading session. The pair had a rough performance yesterday after the release of weaker than expected job market results. So far today, losses account for 0.59% despite a 0.09% recovery in the past hour.
Data recap
Price action reveals a steep decline triggered by heavy buying from market participants who rushed to get rid of the Aussie after the release of employment change results at -10,800 vs. expected 10,000. The blow off extended and today’s performance was marked by continuing losses throughout the session. Positive job market data in the US outperformed with continuing jobless claims at 2.871M vs. past 2.944M and expected 2.960M, along initial jobless claims declining to 292K vs. past 323K and expected 330K. Fed’s tapering may be happening very soon and rumors run with estimates at $10B. Next week, the meeting will clarify the reduction, if any, of the bond-buying program.
AUD/USD Technical Levels
The pair rebound 38.2% from bottoms (Fibonacci level) and now trades at 0.9273, oscillating between supports at 0.9233 (August 18th highs), 0.9188 (September 3rd highs) ahead of 0.9140 (August 12th lows) and resistances at 0.9292 (July 16th highs), 0.9344 (June 25th highs) followed by 0.9382 (June 6th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and hovers right next to a neutral EMA20.
Data recap
Price action reveals a steep decline triggered by heavy buying from market participants who rushed to get rid of the Aussie after the release of employment change results at -10,800 vs. expected 10,000. The blow off extended and today’s performance was marked by continuing losses throughout the session. Positive job market data in the US outperformed with continuing jobless claims at 2.871M vs. past 2.944M and expected 2.960M, along initial jobless claims declining to 292K vs. past 323K and expected 330K. Fed’s tapering may be happening very soon and rumors run with estimates at $10B. Next week, the meeting will clarify the reduction, if any, of the bond-buying program.
AUD/USD Technical Levels
The pair rebound 38.2% from bottoms (Fibonacci level) and now trades at 0.9273, oscillating between supports at 0.9233 (August 18th highs), 0.9188 (September 3rd highs) ahead of 0.9140 (August 12th lows) and resistances at 0.9292 (July 16th highs), 0.9344 (June 25th highs) followed by 0.9382 (June 6th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis and hovers right next to a neutral EMA20.