7 Aug 2015
AUD/USD steady before Nonfarm Payrolls
FXStreet (BGuatemala) - AUD/USD is currently trading at 0.7344 with a high of 0.7349 and a low of 0.7342.
AUD/USD is trading with a bearish bias ahead of tomorrow's Nonfarm Payroll'd number and on the back of its own jobs market performances as of yesterday's release. The data was mixed and Eric Theoret, CFA, CMT at Scotiabank explained:
"With a participation-driven climb in the unemployment rate offsetting the positive impact of a stronger than expected job gain of 38.5K. The unemployment rate has climbed to 6.3%, matching its recent highs while flirting with levels last seen in 2002, with risk for AUD centered on the potential for greater labor market slack, its impact on wages and implications for the RBA. "
We now await Aussie home loans and Nonfarm Payrolls.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
AUD/USD technically mixed with bearish bias
Theoret went on to note that AUD/USD's technicals are mixed also, ' Resistance above the 21 day MA (0.7360) and near term support at the 9 day MA (0.7317), with conflicted momentum indicators failing to confirm the recent lows in spot."
Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained, "In the 4-hours chart, the price is hovering around a mild bullish 20 SMA, the Momentum indicator heads sharply lower below the 100 level and the RSI lacks strength around 52, giving little room for a stronger recovery during the upcoming session."
AUD/USD is trading with a bearish bias ahead of tomorrow's Nonfarm Payroll'd number and on the back of its own jobs market performances as of yesterday's release. The data was mixed and Eric Theoret, CFA, CMT at Scotiabank explained:
"With a participation-driven climb in the unemployment rate offsetting the positive impact of a stronger than expected job gain of 38.5K. The unemployment rate has climbed to 6.3%, matching its recent highs while flirting with levels last seen in 2002, with risk for AUD centered on the potential for greater labor market slack, its impact on wages and implications for the RBA. "
We now await Aussie home loans and Nonfarm Payrolls.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
AUD/USD technically mixed with bearish bias
Theoret went on to note that AUD/USD's technicals are mixed also, ' Resistance above the 21 day MA (0.7360) and near term support at the 9 day MA (0.7317), with conflicted momentum indicators failing to confirm the recent lows in spot."
Meanwhile, Valeria Bednarik, chief analyst at FXStreet explained, "In the 4-hours chart, the price is hovering around a mild bullish 20 SMA, the Momentum indicator heads sharply lower below the 100 level and the RSI lacks strength around 52, giving little room for a stronger recovery during the upcoming session."