Forex: AUD/USD finds double bottom; aiming at 1.0220
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AUD/USD
FXstreet.com (Barcelona) - The Australian Dollar is picking up some short term upside momentum after having a brief drive thru new 6-week low following mixed jobs data in Australia, in which the employment change came at -9,900 vs +5,000 expected, while the jobless rate dropped to 5.1% from 5.3% consensus due to fall in job seekers. Employment rate dropped to 61.7% - lowest since Nov 2009.
According to Shane Oliver, Head of Investment Strategy and Chief Economist at AMP Capital: "Labour market remains soft. Supports case for RBA cuts." Chris Lori, Fund Manager,CTA and Forex Professional, said on his twitter account: " Sell AUD rallies."
While down trend is dominant, the fake break into new lows appears to carry enough momentum for the price to target next area of resistance at 1.0220. Daily momentum studies on oversold territory support the rise. From a daily perspective though, yesterday's close below 38.2% Fib from June-Aug bull run keep the pair with a clear bearish outlook.
According to Shane Oliver, Head of Investment Strategy and Chief Economist at AMP Capital: "Labour market remains soft. Supports case for RBA cuts." Chris Lori, Fund Manager,CTA and Forex Professional, said on his twitter account: " Sell AUD rallies."
While down trend is dominant, the fake break into new lows appears to carry enough momentum for the price to target next area of resistance at 1.0220. Daily momentum studies on oversold territory support the rise. From a daily perspective though, yesterday's close below 38.2% Fib from June-Aug bull run keep the pair with a clear bearish outlook.
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