Monday, October 5, 2015

AUD/USD re-attempts 20-DMA on the upside, RBA in focus

FXStreet (Mumbai) - The Australian dollar keeps its bullish momentum intact against its American peer in the early moves, pushing AUD/USD to fresh session highs beyond 0.70 handle.

AUD/USD capped below 20-DMA

Currently, the AUD/USD pair trades 0.29% higher at fresh session highs of 0.7073, attempting another bounce towards 20-DMA resistance. The Aussie bulls extend its dominance in the European hours as the greenback continues to suffer from the NFP-induced set-back. The US payrolls data showed a meagre 142k job additions last month against 201k expectations.

Moreover, the upbeat Australia’s jobs advertisement data also boosted the sentiment around the Aussie, driving AUD/USD higher. The Aus job ads rose 3.9% in Sept versus a 1.3% rise in August, climbing at the fastest pace in 15 months.

Meanwhile, attention now shifts to the key RBA rate statement and Australia’s trade balance data scheduled for release tomorrow for fresh direction on AUD/USD. While today’s US services data will also have major influence on the pair.

AUD/USD Levels to watch

The pair has an immediate resistance at 0.7080 (20-DMA) levels, above which gains could be extended to 0.7104 (Sept 10 High) levels. On the flip side, support is seen at 0.7043 (Today’s Low) levels from here it to 0.7000.
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