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Free AccessAUD/USD trades at $0.6844, virtually.........>
AUSSIE: AUD/USD trades at $0.6844, virtually unchanged on the day. It holds
steady ahead of Australian labour market report, one of the key releases watched
by the RBA. Implied probability of a quarter-point cut from the RBA at their
next (Feb) policy meeting is ~56%, but any surprise today can move the needle.
- Wednesday appears in the candle chart as a Doji. Pressure initially applied by
a worry surrounding China's coronavirus situation was somewhat alleviated by a
press briefing from China's National Health Commission. AUD/USD showed signs of
recovery into the European session, but declined again as concerns resurfaced.
- After the rate probed the water below a trendline support at $0.6831 on
Wednesday, bears look for a convincing fall through there to open up $0.6800,
the low of Dec 10. Bulls keep an eye on the neckline of a head and shoulders top
charted recently. It comes in at $0.6857, after capping gains on Wednesday. A
break here would encourage bulls to target the 50-DMA at $0.6871 and the 200-DMA
intersecting a further 10 pips above.
- Apart from the jobs data, consumer inflation expectation comes out later
today, at the top of the hour. Flash CBA PMIs hit on Friday.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.