AUD/USD stalls right above 0.6600 with US Payrolls on sight



 

  • The Australian Dollar maintains a mild positive tone with bears capped at 0.6590 so far.
  • The pair is likely to remain in range ahead of the US NFP report.
  •  The Michigan Consumer Sentiment Index might also have some impact on the pair.
     

The Aussie is trading with moderate gains on Friday, following a significant rebound on Thursday, which has left the pair consolidating above the 0.6600 level ahead of US employment data.

Data from the US showed an increase in US Jobless claims, adding to evidence that the US labor market is loosening and increasing hopes that the Fed might start cutting rates next March.

US Nonfarm Payrrolls likely to boost USD volatility

The main focus today is on November’s Nonfarm Payrolls report, which is expected to show a moderate improvement later today. After the downbeat reading of Tuesday’s JOLTs Job Openings and Wednesday’s ADP reading, a strong payrolls report would pose a headache for the Fed and might cause significant US Dollar volatility.

Somewhat later, the University of Michigan will release December’s Preliminary Consumer Sentiment Index, which might also impact the US Dollar, especially if it comes in the same line of the NFP.

From a technical perspective, the bullish engulfing candle printed on the daily chart on Thursday is giving bulls hope while the 0.6590 support remains in place.

Above here, 0.6655 and December’s peak, at 0.6590 are the next targets.

On the downside, below 0.6590 the pair might find support at 0.6525 ahead of 0.6520.

Technical levels to watch

AUD/USD

Overview
Today last price 0.6606
Today Daily Change 0.0002
Today Daily Change % 0.03
Today daily open 0.6604
 
Trends
Daily SMA20 0.6551
Daily SMA50 0.6443
Daily SMA100 0.6467
Daily SMA200 0.6577
 
Levels
Previous Daily High 0.662
Previous Daily Low 0.6526
Previous Weekly High 0.6677
Previous Weekly Low 0.6567
Previous Monthly High 0.6677
Previous Monthly Low 0.6318
Daily Fibonacci 38.2% 0.6584
Daily Fibonacci 61.8% 0.6562
Daily Pivot Point S1 0.6546
Daily Pivot Point S2 0.6488
Daily Pivot Point S3 0.6451
Daily Pivot Point R1 0.6641
Daily Pivot Point R2 0.6678
Daily Pivot Point R3 0.6736

 

 

 

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