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14 Mar 2013
Forex: AUD/USD hovering over session highs
The Aussie dollar jolted from sub 1.0300 levels to the vicinity of 1.0370 overnight, after the jobless rate in Australia stayed put at 5.4% in February, beating expectations at 5.5%. The bigger surprise came from the Employment Change, increasing by 71.5K vs. +9.0K expected.
“AUD was already well supported by unwinding RBA easing expectations before the jobs surge. A partial retracement next month seems assured but AUD crosses should remain bid. 1.04 area to cap AUD/USD given USD demand”, remarked Sean Callow, Strategist at Westpac.
At the moment, the pair is advancing 0.64% at 1.0365 with the next resistance at 1.0371 (Upper Bollinger) ahead of 1.0375 (high Feb.15) and then 1.0379 (23.6% Fib. of 0.9581-1.0625).
On the flip side, a breakdown of 1.0332 (high Feb.25) would expose 1.0303 (high Mar.6) and then 1.0274 (MA21d).
“AUD was already well supported by unwinding RBA easing expectations before the jobs surge. A partial retracement next month seems assured but AUD crosses should remain bid. 1.04 area to cap AUD/USD given USD demand”, remarked Sean Callow, Strategist at Westpac.
At the moment, the pair is advancing 0.64% at 1.0365 with the next resistance at 1.0371 (Upper Bollinger) ahead of 1.0375 (high Feb.15) and then 1.0379 (23.6% Fib. of 0.9581-1.0625).
On the flip side, a breakdown of 1.0332 (high Feb.25) would expose 1.0303 (high Mar.6) and then 1.0274 (MA21d).