Daily Outlook

AUD/USD remains on the back foot with the August employment report dipping into the negative -3.9k for the first time since February. The Unemployment Rate ticked lower to 5.6% vs 5.7% and this allowed the AUD/USD to bounce after the initial drop to 0.7450.

The internals of the numbers were positive with +11k fulltime jobs and -15k part time jobs. This reverses some of the fulltime jobs losses seen in July and also helped the AUD/USD not fall sharply on the headline numbers.

The negativity towards high yielding currencies as the bond market selloff continues is likely to further pressure the AUD and NZD against most pairs in the coming days.

OIL/USD fell further to $44 after the weekly US crude Oil inventories showed a large build in distillate’s and only small draw in Oil inventories.

AUD/USD 9/15/2016 2:52 AM  Trend daily chart (=)  Trend weekly chart (=) AUD/USD Intraday: under pressure. Pivot: 0.7505 Our preference: short positions below 0.7505 with targets @ 0.7435 & 0.7400 in extension. Alternative scenario: above 0.7505 look for further upside with 0.7540 & 0.7570 as targets. Comment: as long as the resistance at 0.7505 is not surpassed, the risk of the break below 0.7435 remains high. Supports and resistances: 0.7570 *** 0.7540 *** 0.7505 *** 0.7465 Last 0.7435 *** 0.7400 *** 0.7340 ***

Ticker : AUD  Add to my portfolio