AUD still rangebound after strong jobs data

Recent poor data and the RBA rate cut couldn’t knock the AUD lower so the logical thought process was that strong data would send it screaming higher. This hasn’t happened either and it looks like we are simply rangebound without momentum.
EUR/AUD is back towards support at 1.2470 and that’s the next level to watch.

  1. The 1.05 barrier is being defended by really strong hands! I think Europe or NY will take a crack at that barrier later today. I’m long AUDUSD at 1.0470 after the jobs data. Stop at below today’s low of 1.0440.

  2. I think there is only one way and that’s down. There were too many part time jobs created and not enough full time jobs which the ANZ job ads also indicated.

  3. So long as 1.0380 isn’t taken out on the downside, I expect dips to be bought and a relentless move higher on the AUD/USD.

    I have been long since 1.0435 and added after today’s employment numbers. I would not be surprised to see the RBA add to its reserves today but it will only slow its rise, not reverse it. A break of 1.05 will see price galloping away, but that might not be for today’s session.

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