Connect with us

Forex

AUDUSD Ahead of Non-Farm Payroll

Published

7 years ago

on

aussie
  • 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.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Comments
Advertisement
Advertisement