AUD/USD is currently trading at 0.7719 with a high of 0.7731 and a low of 0.7644.
AUD/USD is recovering the losses from overnight and the jobs data, that will be alarming for the RBA, sending the Aussie down across the board. Versus the dollar, the Aussie dropped down to 0.7644 from the 0.7720 region which is where we are capped currently. The pair is here on the back of poor US retail sales that helped to extend the minor recovery starting in late Asia and early Europe. We now await Stevens, RBA's governor, talking in Asia tonight ahead of tomorrow's final US data for the week in the form of Reuters/Michigan Consumer Sentiment Index (Feb).
Technically, a failure of recent low, 0.7626, bears will have the base of the 2013-2015 down channel at 0.7597 in their sights and through this support, 0.7335, comes as the 50% retracement of the move up from 2001, as noted by Karen Jones, chief analyst at Commerzbank. "Initial resistance is .8034 (7th Jan low). Key resistance remains the 0.8060 downtrend. A close above here is needed to alleviate the bearish pressure."
AUD/USD is recovering the losses from overnight and the jobs data, that will be alarming for the RBA, sending the Aussie down across the board. Versus the dollar, the Aussie dropped down to 0.7644 from the 0.7720 region which is where we are capped currently. The pair is here on the back of poor US retail sales that helped to extend the minor recovery starting in late Asia and early Europe. We now await Stevens, RBA's governor, talking in Asia tonight ahead of tomorrow's final US data for the week in the form of Reuters/Michigan Consumer Sentiment Index (Feb).
Technically, a failure of recent low, 0.7626, bears will have the base of the 2013-2015 down channel at 0.7597 in their sights and through this support, 0.7335, comes as the 50% retracement of the move up from 2001, as noted by Karen Jones, chief analyst at Commerzbank. "Initial resistance is .8034 (7th Jan low). Key resistance remains the 0.8060 downtrend. A close above here is needed to alleviate the bearish pressure."
