7 Nov 2013
AUD/USD offered below 0.9500
FXstreet.com (Edinburgh) -Poor employment data in Australia for the month of October hurt the Aussie dollar, dragging the AUD/USD to lows in the area of 0.9470/75 on Thursday.
AUD/USD lower on domestic data
Despite the unemployment rate stayed put at 5.7%, the Employment Change rose by a meagre 1.1K, missing expectations at 10K and down from September’s raise of 3.3K. It seems the pair has found strong resistance around 0.9540/45 this week so far, being rejected twice already although a softer tone from tomorrow’s Payrolls could well see this level surpassed. Strategist Tim Cameron at Westpac, commented, “AUD/USD continues to dodge key support at 0.9410 on a closing basis though the Oct jobs data didn’t help its cause. We look for a slightly above consensus 140K reading on Oct NFP. Any AUD/USD selling on such a number should be modest and not sustained, with plenty of scope for dovish Fed commentary to limit USD gains”.
AUD/USD key levels
At the moment the pair is losing 0.47% at 0.9484 and a breakdown of 0.9421 (low Nov.1) would expose 0.9408 (MA50d0 and finally 0.9389 (low Oct.7). On the flip side, the immediate resistance aligns at 0.9543 (high Nov.7) ahead of 0.9624 (high Oct.25) and then 0.9695 (MA200d).
AUD/USD lower on domestic data
Despite the unemployment rate stayed put at 5.7%, the Employment Change rose by a meagre 1.1K, missing expectations at 10K and down from September’s raise of 3.3K. It seems the pair has found strong resistance around 0.9540/45 this week so far, being rejected twice already although a softer tone from tomorrow’s Payrolls could well see this level surpassed. Strategist Tim Cameron at Westpac, commented, “AUD/USD continues to dodge key support at 0.9410 on a closing basis though the Oct jobs data didn’t help its cause. We look for a slightly above consensus 140K reading on Oct NFP. Any AUD/USD selling on such a number should be modest and not sustained, with plenty of scope for dovish Fed commentary to limit USD gains”.
AUD/USD key levels
At the moment the pair is losing 0.47% at 0.9484 and a breakdown of 0.9421 (low Nov.1) would expose 0.9408 (MA50d0 and finally 0.9389 (low Oct.7). On the flip side, the immediate resistance aligns at 0.9543 (high Nov.7) ahead of 0.9624 (high Oct.25) and then 0.9695 (MA200d).