AUD/USD finds support and trims losses

FXstreet.com (Córdoba) - After losing more than 60 pips in the wake of much-weaker-than-expected employment data, the AUD/USD found support and managed to trim losses.

Remains below 0.9500

The AUD/USD bottomed out at 0.9465, roughly the same level it did yesterday, and bounced but the recovery has been shy, leaving the pair below 0.9500. At time of writing, the AUD/USD is trading at the 0.9485 zone, recording a 0.4% loss on the day. However, from a wider view, the pair remains well within its weekly range as investors turn attention to the ECB decision and Friday's US nonfarm payrolls.

AUD/USD technical levels

In terms of technical levels, if AUD/USD breaks below the 0.9465/60 area, next supports are seen at 0.9444 (Nov 4 low) and 0.9420 (Nov 1 low). On the flip side, resistances could be found at 0.9493 (100-hour SMA) and 0.9543 (Nov 6 high).

Flash: ECB represents key event of the day - BTMU

Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo Mitsubishi UFJ notes that the key event today for Europe will of course be the ECB rate decision at 1245 and the press conference at 1330.
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Flash: AUD/USD still unable to clear near term resistance – Commerzbank

Karen Jones Head Technical Analyst of Commerzbank notes that AUD/USD remains completely sidelined.
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