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3 Aug 2015
AUD/USD awaiting key data events this week
FXStreet (Guatemala) - AUD/USD is currently trading 0.7304 with a high of 0.7328 and a low of 0.7302 having recovered from a fresh 6-year low of 0.7233 on Friday US session.
The relevant data from the weekend for the Aussie came in the from the Chinese Manufacturing PMI. This arrived at 50 for July vs 50.1 expected while prior was 50.2, and the Non-manufacturing PMI for the same month arrived as 53.9.
The price action so far is tame in early Asia and balanced following the end of last week's spike and subsequent consolidation as the greenback recovered from the poor wages number and a recovery on the price of Gold. The week now looks ahead to key jobs data in the form of the Nonfarm Payrolls as the key event for the greenback and the week. We also have the Australian jobs data also. Today we await inflation and housing data for Australia..
AUD/USD technically a sellers market
Technically, for the week ahead, Valeria Bednarik, chief analyst at FXStreet explained that the 4 hours chart shows that the price hovers around a horizontal 20 SMA, whilst the technical indicators are showing no actual strength around their mid-lines. "In the daily chart, the pair has been rejected from its 20 SMA around the mentioned high, whilst the technical indicators are posting limited bounces from oversold levels, suggesting upward movements will likely be understood as corrective, and therefore continue attracting sellers."
The relevant data from the weekend for the Aussie came in the from the Chinese Manufacturing PMI. This arrived at 50 for July vs 50.1 expected while prior was 50.2, and the Non-manufacturing PMI for the same month arrived as 53.9.
The price action so far is tame in early Asia and balanced following the end of last week's spike and subsequent consolidation as the greenback recovered from the poor wages number and a recovery on the price of Gold. The week now looks ahead to key jobs data in the form of the Nonfarm Payrolls as the key event for the greenback and the week. We also have the Australian jobs data also. Today we await inflation and housing data for Australia..
AUD/USD technically a sellers market
Technically, for the week ahead, Valeria Bednarik, chief analyst at FXStreet explained that the 4 hours chart shows that the price hovers around a horizontal 20 SMA, whilst the technical indicators are showing no actual strength around their mid-lines. "In the daily chart, the pair has been rejected from its 20 SMA around the mentioned high, whilst the technical indicators are posting limited bounces from oversold levels, suggesting upward movements will likely be understood as corrective, and therefore continue attracting sellers."