Thursday, October 15, 2015

AUD/USD paring gains after poor Aussie jobs

FXStreet (Guatemala) - AUD/USD has been offered on the back of the bearish jobs data from Australia.

AUD/USD had been bid prior to the data and trading above the key 55 SMA on the hourly chart that is placed at 0.7282. The level still holds, and there has been a relatively subdued reaction so far to the data. 0.7343 was the high and at time of writing we are testing the 0.73 handle with a low so far of 0.7299.

The employment change was a decline 5,100 jobs decline vs expected 5.0k. The unemployment rate was 6.2% vs 6.35 expected while the 64.9% participation rate was virtually in line with expectations of 65%.

Meanwhile, focus will now turn back to the US with the CPI data due later today and Fed speakers once again. Speaking of which, it is interesting to note how the market is starting to price out a Fed hike in 2015, details of which can be read here.

AUD/USD key levels to monitor

Technically, while below the 200 DMA at 0.7594 the outlook remains bearish. So far, 0.73 is holding up with the 20 SMA at 0.7309 supporting ahead of the aforementioned 55 SMA level on the hourly.

Overnight had seen a test of the key 0.7200 level and the 200 SMA on the hourly chart. Closes below here could open up the case for a test of the September low at 0.6940 ahead of the 0.6905 recent low and the 0.6774 2004 low.
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