Technical Analysis

AUD/USD barely off the lows on sluggish greenback; giant expiries at play

AUD/USD bounces again a bit of to zero.7025 from lows of zero.7003 earlier

AUD/USD H1 08-03
ForexLive

The pair stays pressured to the draw back on rising expectations for the RBA to chop charges this yr following a poor This autumn GDP report seen earlier within the week. The greenback is considerably sluggish within the European morning thus far, as it’s the weakest performing main forex in the mean time as we await US non-farm payrolls information.

That’s nonetheless the important thing danger occasion for AUD/USD as we glance to wrap up the week. Other than that, there are giant expiries sitting at zero.7000 (I have been pointing this out since Wednesday) and that’s serving to to maintain draw back within the pair restricted as properly by way of option-related bids.

Because it stands, notable presents are nonetheless sitting round zero.7050 close to the 100-hour MA (crimson line) in order that might be a key near-term stage that patrons should break above so as to retrace among the losses seen since final week.

In the meantime, for draw back motion, be cautious of a possible dive under zero.7000 after 1400 GMT (when the expiries roll off) if US information beats expectations heftily. That being stated, this is without doubt one of the much less anticipated non-farm payrolls releases so I would not be banking on a large transfer within the greenback.

Nonetheless, as talked about, simply be cautious as a result of the zero.7000 deal with is a key psychological stage and when stops under it get hit, issues may get ugly.


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