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

by · FXStreet

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  • 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 price0.6606
Today Daily Change0.0002
Today Daily Change %0.03
Today daily open0.6604

 

Trends
Daily SMA200.6551
Daily SMA500.6443
Daily SMA1000.6467
Daily SMA2000.6577

 

Levels
Previous Daily High0.662
Previous Daily Low0.6526
Previous Weekly High0.6677
Previous Weekly Low0.6567
Previous Monthly High0.6677
Previous Monthly Low0.6318
Daily Fibonacci 38.2%0.6584
Daily Fibonacci 61.8%0.6562
Daily Pivot Point S10.6546
Daily Pivot Point S20.6488
Daily Pivot Point S30.6451
Daily Pivot Point R10.6641
Daily Pivot Point R20.6678
Daily Pivot Point R30.6736

 

 

 

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