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11 Apr 2013
Forex: AUD/USD around 1.0550 ahead of Aus jobs data
FXstreet.com (Barcelona) - AUD/USD is last at 1.0544, off recent weekly highs at 1.0552, highest since Jan 23. The pair is up +1.59% for the week so far after a weak start in the Asia-Pacific Monday morning printing weekly lows on some stop loss hunting below the 1.0350 key mark, ahead of later on key risk event for the session in the form of Australia jobs report at 01:30 GMT. According to a Bloomberg survey a total loss of -7500 jobs is forecasted, with unemployment rate unchanged at 5.4%.
“AUD/USD looks set to test the upper end of its daily trading ranges near 1.0625,” says FXWW founder Sean Lee, “and with AUD/JPY on such a strong upward trajectory, it would be a brave person who would argue that it can’t see even higher levels quite soon,” the analyst adds. “Nevertheless, I remain in the sell-rally camp as I feel that much of this AUD buying is being driven by speculative rather than real buyers,” Sean concludes.
Immediate resistance to the upside for AUD/USD shows at mentioned recent fresh 11-week highs 1.0552, followed by Jan 22 highs at 1.0578, and Jan 10 highs at 1.0598. To the downside, closest support lies at March 26/April 03 highs 1.0497, followed by Jan 18 lows at 1.0485, and April 01 lows at 1.0386.
“AUD/USD looks set to test the upper end of its daily trading ranges near 1.0625,” says FXWW founder Sean Lee, “and with AUD/JPY on such a strong upward trajectory, it would be a brave person who would argue that it can’t see even higher levels quite soon,” the analyst adds. “Nevertheless, I remain in the sell-rally camp as I feel that much of this AUD buying is being driven by speculative rather than real buyers,” Sean concludes.
Immediate resistance to the upside for AUD/USD shows at mentioned recent fresh 11-week highs 1.0552, followed by Jan 22 highs at 1.0578, and Jan 10 highs at 1.0598. To the downside, closest support lies at March 26/April 03 highs 1.0497, followed by Jan 18 lows at 1.0485, and April 01 lows at 1.0386.