Forex: AUD/USD erases losses after NFP
Forex pairs in this Article »
AUD/USD
FXstreet.com (Córdoba) - The Australian dollar benefitted from the strong US nonfarm payrolls reading and jumped from daily lows versus the dollar, underpinned by the rise in stocks.
AUDUSD jumped over 30 pips from lows, erasing intraday losses, before stalling just shy of the 1.0400 psychological barrier. At time of writing, AUDUSD is trading at the 1.0390 area, virtually unchanged since opening.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that AUDUSD remains pretty bullish in the short term, although the pair has been trapped between 1.0300 and 1.0410 for the last week. "It is mostly a range play there, with chances of a break higher rather than lower", says the analyst. "Once above 1.0410, the pair has scope to extend near 1.0450 today, while a daily close above 1.0400 should signal more gains ahead".
"Still the range is there, and failure around the top may see a retracement back to 1.0360 short term talking. However, as long as above 1.0335, the pair is bullish", Bednarik adds.
AUDUSD jumped over 30 pips from lows, erasing intraday losses, before stalling just shy of the 1.0400 psychological barrier. At time of writing, AUDUSD is trading at the 1.0390 area, virtually unchanged since opening.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that AUDUSD remains pretty bullish in the short term, although the pair has been trapped between 1.0300 and 1.0410 for the last week. "It is mostly a range play there, with chances of a break higher rather than lower", says the analyst. "Once above 1.0410, the pair has scope to extend near 1.0450 today, while a daily close above 1.0400 should signal more gains ahead".
"Still the range is there, and failure around the top may see a retracement back to 1.0360 short term talking. However, as long as above 1.0335, the pair is bullish", Bednarik adds.
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