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15 Jan 2015
AUD/USD keeps pushing higher, eyes 0.8300
FXStreet (Edinburgh) - The Aussie dollar is extending its upbeat momentum on Thursday, now lifting AUD/USD to the vicinity of 0.8300 the figure.
AUD/USD buoyed by jobs data
Today’s release of the December jobs report in the Australian economy acted as the perfect catalyst for the AUD - both in timing and figures - surprising investors to the upside and helping allay fears of a rate cut by the RBA. Spot thus managed to forget, at least for today, about the USD rally and the recent decline in the commodities prices, mainly copper and iron ore. According to analysts at BTMU, “AUD/USD looks like it could bounce further higher but it is very unlikely to prove sustainable given the favourable US dollar factors at present as well”.
AUD/USD levels to watch
As of writing the pair is advancing 1.39% at 0.8270 and a breakout of 0.8300 (psychological level) would allow for a test of 0.8324 (38.2% of 0.8796-0.8033). On the downside, the initial support aligns at 0.8144 (Tenkan Sen) followed by 0.8139 (21d-MA) and then 0.8068 (low Jan.14).
AUD/USD buoyed by jobs data
Today’s release of the December jobs report in the Australian economy acted as the perfect catalyst for the AUD - both in timing and figures - surprising investors to the upside and helping allay fears of a rate cut by the RBA. Spot thus managed to forget, at least for today, about the USD rally and the recent decline in the commodities prices, mainly copper and iron ore. According to analysts at BTMU, “AUD/USD looks like it could bounce further higher but it is very unlikely to prove sustainable given the favourable US dollar factors at present as well”.
AUD/USD levels to watch
As of writing the pair is advancing 1.39% at 0.8270 and a breakout of 0.8300 (psychological level) would allow for a test of 0.8324 (38.2% of 0.8796-0.8033). On the downside, the initial support aligns at 0.8144 (Tenkan Sen) followed by 0.8139 (21d-MA) and then 0.8068 (low Jan.14).