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10 Feb 2014
AUD/USD holds above 0.8900
FXStreet (Córdoba) - The AUD/USD extended its pullback from the 0.9000 area and fell all the way to the 0.8900 zone as markets continue to consolidate after another weak nonfarm payrolls report on Friday.
The AUD/USD reached a high of 0.8997 last Friday in the wake of US employment figures, but lacked strength to break decisively above and entered a consolidative/corrective phase. At time of writing, the AUD/USD is trading at the 0.8920 zone, recording a 0.4% decline on the day.
Main feature for the Aussie will be the Australian employment report on Thursday. Market expectations call for a 15,000 jobs gain following a drop of 22,600 in December.
AUD/USD technical outlook
"Australian Dollar is still consolidating. We think, today price may break this consolidation channel downwards to continue falling down and reach level of 0.8840", said Igor Sayadov, analyst at RoboForex. "Later, in our opinion, instrument may form another consolidation channel, break it downwards as well, and continue moving downwards to reach level of 0.8400".
The AUD/USD reached a high of 0.8997 last Friday in the wake of US employment figures, but lacked strength to break decisively above and entered a consolidative/corrective phase. At time of writing, the AUD/USD is trading at the 0.8920 zone, recording a 0.4% decline on the day.
Main feature for the Aussie will be the Australian employment report on Thursday. Market expectations call for a 15,000 jobs gain following a drop of 22,600 in December.
AUD/USD technical outlook
"Australian Dollar is still consolidating. We think, today price may break this consolidation channel downwards to continue falling down and reach level of 0.8840", said Igor Sayadov, analyst at RoboForex. "Later, in our opinion, instrument may form another consolidation channel, break it downwards as well, and continue moving downwards to reach level of 0.8400".