USD Trading Outlook (11-02-2015)

AUD/USD The pair couldn’t stray too far from the 200-HMA for NY trading. Early on the pair the pair sat just beneath the 200-HMA. A quick spike to 0.7800/10 resistance (in sympathy with EUR/USD’s lift) met sellers. A steady decline took hold with s-t macros being noted sellers and the pair slipped to a 0.7747 low. No further losses were possible as the USD’s lift abated and bids into the Feb 5 low combined to stem the drop. Another lift above the 200-HMA ensued but the pair slipped back near 0.7765 late in the day. Traders are reluctant to push the pair too far as key OZ data is due. The Oz Jan jobs report is due Feb 12. IT’s likely the pair will stick to the tight range until then. Should the number come in weak then we’re likely to see a retest of the 2015 low into the weekend.