USD Trading Outlook (09-03-2015)

AUD/USD A quiet European morning was disrupted upon NY’s opening. The pair near 0.7810 as NY got going. Broad based USD sales by those expecting a weak US jobs report boosted AUD/USD to a 0.7846 high. The gains evaporated in short order after the NFP beat and U rate dropped. AUD/USD slid, with very little in the way of bounces, and took out key support near 0.7740/50. The pair neared 0.7715 before any pullback was seen. Some give backs for USD gains allowed the pair to lift near 0.7745 but bears emerged and the pair went on to make a session low of 0.7706. Late in the day the pair sat near 0.7720. There isn’t much major Oz data next week but China sees a good amount coming out. AUD traders will likely take their cues from that data. Should the results show China’s econ growth slowing further AUD is likely to trade heavy. AUD/USD might then make a run for the 2015 low next week.