7 May 2015
AUD/USD: Bulls holding out for a NFP's miss for 0.8000's
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7903 with a high of 0.8006 and a low of 0.7888.
AUD/USD is bumping around 0.79 the figure while wearing the disappointments in the jobs data from Australia overnight and today pressured by a stronger greenback. The Nonfarm Payrolls data is due tomorrow and this will be the key for this week. The 0.80 handle is a psychological barrier and has been an area on which bulls have not been able to penetrate through 0.8020 support.
Meanwhile, with tomorrows data due, there could be some turbulence that may see a break of the topside should there be any disappointments in this data that may correspond to a slower pace of growth in the economy of late. Technically, 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. To the downside, 0.7790 comes as key support.
AUD/USD is bumping around 0.79 the figure while wearing the disappointments in the jobs data from Australia overnight and today pressured by a stronger greenback. The Nonfarm Payrolls data is due tomorrow and this will be the key for this week. The 0.80 handle is a psychological barrier and has been an area on which bulls have not been able to penetrate through 0.8020 support.
Meanwhile, with tomorrows data due, there could be some turbulence that may see a break of the topside should there be any disappointments in this data that may correspond to a slower pace of growth in the economy of late. Technically, 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. To the downside, 0.7790 comes as key support.