USD Trading Outlook (06-02-2015)

AUD/USD The pair held to a tight range in NY’s session as it consolidated beneath the 200-HMA in basically a 0.7780/0.7825 range. Early NY saw the pair dip to the lows on better than f/c weekly jobless claims. The slide faded into NY’s afternoon and the pair rallied back near the 200-HMA as risk sentiment was upbeat. JPY weakness due to the risk rally pushed AUD/JPU above 91.90 and this dragged AUD/USD towards 0.7815. It sat near that level late in the session. Asia’s session is likely to be subdued as the market awaits the US January jobs report. If the jobs report is soft AUD/USD likely spikes higher as shorts will cover. This will see the Feb and Jan 29 highs cleared. The door is then open to key resistance in the 0.8025/55 zone.