Tuesday, November 17, 2015

AUD/USD: drifting below key support, targets 0.7016/60

FXStreet (Guatemala) - AUD/USD is tailing off below the 200 SMA and has been pressured below the 0.71 handle as markets await the outcome of the RBA minutes and head officials that are speaking this week.

RBA's assistant governor, Kent, will be speaking at UBS's Australasia Conference 2015, so we should get an insight from him on behalf of the Bank on the Australian economy. The minutes will be of particular interest given that there is no meeting in January and December is likely to be on hold following the recent decision and accompanying statement and jobs data that quite frankly closed the door for an imminent rate cut.

The full-time jobs arrived at 40k vs -10.4k last, with part-time jumping 18.6k. The key Australian unemployment rate fell out of the RBA's advised bracket of 6 to 6.5% and dropped to 5.9% vs 6.2% expected and 6.2% last. The participation rate was at 65% vs 64.9% exp and 64.9% last.

AUD/USD levels

Technically, AUD/USD targets 0.7060 in the near term while below the 200 SMA at 0.7090 and below the wider 0.7298/0.7385 Fibo retracement levels that remain the key objective for the bulls with 0.7169 6th Nov highs as first target ahead of the 0.7225 3rd Nov highs. A break of 0.7060 opens 0.6907 August lows below 0.7016.
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