FXStreet (Guatemala) – AUD/USD is currently trying to stablise, but is on the heel of its back foot with markets out of favour of the Antipodeans and what demand the dollar had managed to garner in the jobs report is staying with it vs the Aussie.
We now turn to the Aussie jobs sector next week and analysts at TD Securities explained that the last two months have seen astounding employment gains, despite tepid growth in the overall economy.
“This leaves us looking for downside risks to our (+15K) and the market’s (-10K) forecast for employment. AUD/USD’s rebound off the 0.6981 low suggests some further near-term stabilization may be in store ahead of the data, but we think any correction is likely to remain temporary and relatively subdued. The 0.7115 region may cap. With the USD’s bigger picture pointing to a favourable tailwind, we see AUD heading lower to challenge the September lows around 0.6895.”
AUD/USD levels
Technically, the late September lows remain compelling at 0.6940 before 0.6907 the low. 0.7080 is first key resistance while bulls may struggle at 0.7090. 0.7120 thereafter and 0.7156 are next stops.
(Market News Provided by FXstreet)