FXStreet (Córdoba) – With the US and Canada on holiday, trading remains subdued in the FX market, with most pairs consolidating in familiar ranges and the US dollar trading near multi-month highs versus most competitors.
As for the Australian dollar, the currency benefitted from strong domestic consumer confidence and reached a 5-day high of 0.7077 before retracing some of its intraday gains. However, with the downside contained by the 0.7040 zone, AUD/USD was confined to a sideways phase. At time of writing, the pair is trading at 0.7055, still up 0.37% on the day.
Investors attention turns to the Australian employment report for October to be released next Asian session. The unemployment rate is expected to stay unchanged at 6.2% while employment changed is forecasted at 15K gain after a 5.1K drop the previous month.
AUD/USD technical levels
As for technical levels, AUD/USD could face next supports at 0.7015 (Nov 10 low), 0.7002/0.6997 (Oct 2 & 1 lows) and 0.6936 (Sep 29 low). On the other hand, resistances are seen at 0.7077 (Nov 11 high), 0.7100 (psychological level) and 0.7128 (50-day SMA).
(Market News Provided by FXstreet)