8 Nov 2013
AUD/USD peels back to opening levels
FXstreet.com (Athens) – The AUD/USD is moving lower very close to its opening level, as ahead of the looming NFP data, the cross is losing tits earlier upwards steam due to the China trade surplus.
AUD/USD pares earlier gains on China trade surplus; investors focus on NFP
The AUD/USD is winding down now, as market participants – especially after yesterday’s solid 3rd quarter US GDP data, alongside with ECB’s shock rate cut – are focusing on the big event of the day, thus, the NFP data which maybe have a big say as to determine where the Aussie trades next. All in all, the mini-rally that Aussiw witnessed to the session highs of 0.9488 due to upbeat China delayed trade balance data was a very brief one; sellers seem to lurk up all the way above 0.9460’s and attention has now already been shifted to the NFP data.
Technical Aspects on the AUD/USD
The AUD/USD might find solid support at 0.9409 (38.2% Fib), which in case is breached, the cross might trend lower near the area of 0.9302 (50% Fibonacci). On the upper side, initial resistances can be found at 0.9509 (38.2% Fibonacci of the 0.8850-0.9760 uptrend movement), which might expose the cross to the area of 0.9714 (50% Fib from April high).
AUD/USD pares earlier gains on China trade surplus; investors focus on NFP
The AUD/USD is winding down now, as market participants – especially after yesterday’s solid 3rd quarter US GDP data, alongside with ECB’s shock rate cut – are focusing on the big event of the day, thus, the NFP data which maybe have a big say as to determine where the Aussie trades next. All in all, the mini-rally that Aussiw witnessed to the session highs of 0.9488 due to upbeat China delayed trade balance data was a very brief one; sellers seem to lurk up all the way above 0.9460’s and attention has now already been shifted to the NFP data.
Technical Aspects on the AUD/USD
The AUD/USD might find solid support at 0.9409 (38.2% Fib), which in case is breached, the cross might trend lower near the area of 0.9302 (50% Fibonacci). On the upper side, initial resistances can be found at 0.9509 (38.2% Fibonacci of the 0.8850-0.9760 uptrend movement), which might expose the cross to the area of 0.9714 (50% Fib from April high).