6 Aug 2015
AUD/USD: Bulls needed to look twice at Jobs data, but look again
FXStreet (Guatemala) - AUD/USD is currently rallying post the Australian jobs data, with a high of 0.7396 at the time of writing and a low of 0.7331. Spot trades 0.7340 at time of writing as the knee jerk was sold in to at a closer look at the details of the report.
AUD/USD on jobs data; buy and then sell..and buy again on participation rate?
AUD/USD jumped over 40 pips on a knee jerk on the back of a huge employment change number in comparison to expectations for July at +38.5 vs just +10k expected. However, there was an increase in the unemployment rate as well that came in at 6.3% vs 6.1% and prior the same revised from 6.0%. However, the jobs market is healthy overall, as the participation rate read as 65.1 vs 64.8% and healthiest in about five years.
AUD/USD had been in consolidation of the recent bid from down at 0.7250 territory when the RBA statement changed their tone around the price of the Aussie. Since then, markets have been buying back in to the greenback on sentiment of a rate hike in September and have been very pro US dollars in the wake of positive data and not too keen to sell on disappointing data. Today, the ISM Non Manufacturing was supportive coming in at the highest print since 2005 although. Offers in the US dollar were about on the back of a less hawkish tone from Powell on CNBC overnight in comparison to Lockhart yesterday who was suggesting that September would be an appropriate time to hike rates in the US. The ADP jobs report came out below the psychological 200k mark as well at 185k vs 215k. This puts the Nonfarm Payrolls in the ball park of around 215k vs a consensus of 225k.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
AUD/USD bulls target the 55 DMA, bears to two-year channel support
Despite the minor recoveries of late, AUD/USD remains directly offered below the downtrend at 0.7438 and rallies will find initial resistance. Above 0.7454 may trigger a further recovery to the 0.7584 55 day ma. Bear looks for territory to the two-year channel at 0.7188 and the major support in the form of a long term Fibonacci retracement at 0.7185 and the 14 year support line at 0.7144.
AUD/USD on jobs data; buy and then sell..and buy again on participation rate?
AUD/USD jumped over 40 pips on a knee jerk on the back of a huge employment change number in comparison to expectations for July at +38.5 vs just +10k expected. However, there was an increase in the unemployment rate as well that came in at 6.3% vs 6.1% and prior the same revised from 6.0%. However, the jobs market is healthy overall, as the participation rate read as 65.1 vs 64.8% and healthiest in about five years.
AUD/USD had been in consolidation of the recent bid from down at 0.7250 territory when the RBA statement changed their tone around the price of the Aussie. Since then, markets have been buying back in to the greenback on sentiment of a rate hike in September and have been very pro US dollars in the wake of positive data and not too keen to sell on disappointing data. Today, the ISM Non Manufacturing was supportive coming in at the highest print since 2005 although. Offers in the US dollar were about on the back of a less hawkish tone from Powell on CNBC overnight in comparison to Lockhart yesterday who was suggesting that September would be an appropriate time to hike rates in the US. The ADP jobs report came out below the psychological 200k mark as well at 185k vs 215k. This puts the Nonfarm Payrolls in the ball park of around 215k vs a consensus of 225k.
Register to the live coverage and trade the NonFarm Payrolls with Bednarik, Pinkert and Elam. We are Forex!
AUD/USD bulls target the 55 DMA, bears to two-year channel support
Despite the minor recoveries of late, AUD/USD remains directly offered below the downtrend at 0.7438 and rallies will find initial resistance. Above 0.7454 may trigger a further recovery to the 0.7584 55 day ma. Bear looks for territory to the two-year channel at 0.7188 and the major support in the form of a long term Fibonacci retracement at 0.7185 and the 14 year support line at 0.7144.