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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.