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Positive Close in AUD/SEK Would be First in 11 Sessions

AUD
  • AUD/USD crests at new daily highs headed into the NY crossover, with spot benefiting from the June jobs data overnight (both employment change and the unemployment rate beat expectations) as well as a very modest wave of USD sales over the past 20 minutes or so.
  • The AUD/USD bounce has put the pair north of the 50% retracement for the weakness off last week's high and could help prompt a bottoming-out pattern in AUD/SEK; a positive close today would be the first in 11 sessions after a solid sell-off in the cross through mid-July. The bounce in prices has rectified the oversold condition, putting the 100-dma at 7.0387 back into view as the next upside level.
  • AUD futures volumes remain ahead of average for this time of day, largely thanks to the surge in activity across the jobs release overnight. This contrasts with EUR, JPY and GBP futures - all of which see below average volumes headed into NY hours.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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