AUD: the Labour non-event drives away RBA moves

The release during the night of the Australian labour data have a bit disappointed the market and revealed nothing new on the economic situation of the Country: the April Unemployment Rate was flat at 5,7% against a previous 5,8%, while the Employment Change was a slight 10,8k (12,0 previous) a lot under the expectations.

Despite not so encouraging datas, the economic situation of the Country don’t seems so negative to push the RBA to intervene on the market and a monetary policy move, in the near-term, seem to be excluded.

The overnight data moreover, didn’t helped the AUD/USD cross to regain the losses of the Yesterday’s session characterized by a drop related to the hawkish Fed minutes and at the moment the pair is trading at 0,7212 down 0,23%.

At this point, with the Fed Minutes and the Australian labour data out, investors are waiting for the US jobless claims data and the speeches of the 2 Fed spokesman Fischer and Dudley.

AUDUSD 19mag
Looking at the chart of the pair it’s easy to see a downtrend movement, by now under the 200-day SMA, which wants to go under the 0,7200 level, the March low.
In case this will happen, the cross vulnerability would bring it to the immediate support at 0,7145 and it is not excluded it would go to 0,7100.

On the opposite side, in case the cross should remain over the 0,7200 level, a possible resistance is seen at 0,7230 but every gain attempt should be capped by the 200-day SMA which at the moment is positioned at 0,7260.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s