AUDUSD Ahead of Non-Farm Payroll

aussieA person holds Australian dollar banknotes of various denominations for a photograph in Sydney, Australia, on Thursday, July 24, 2015. Photographer: Brendon Thorne
  • AUDUSD Ahead of Non-Farm Payroll

As projected in the previous analysis, 0.7784 support level was breached today. However, price rebounded from a 3-month low of 0.7742 but still trading below 0.7784 levels.

AUDUSD

Therefore, we remain bearish on AUDUSD and expect a sustained break of 0.7784 targets to open up 0.7621 support level in days to come. The Australian dollar is overpriced, and as stated by the Governor of Reserve Bank of Australia, Philip Lowe, high foreign exchange rates would hurt economic progress. Excerpt from an earlier analysis.

While the Australian dollar remained weak, a strong or better than expected job data is needed to sustain downward trend and open up 0.7621 in days to come.

Therefore, a strong non-farm payroll data would reinforce sellers’ interest and further plunge the AUDUSD towards our second target as shown above. Otherwise, we might see a temporary rebound above the 0.7784 resistance before bearish continuation.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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