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Rangey Ahead Of Labour Market Data

AUD

Spot AUD/USD touched 0.7772 in European hours before dropping back down to 0.7724, the rate has since recovered to 0.7754.

The moves continue to be driven by the greenback, US treasury yields continue to rise as data surprises to the upside.

  • From a technical perspective AUDUSD maintains a firm posture despite the minor pullback. Price action on Feb 5 highlighted a reversal signal following the recent inability to clear the 50-day EMA. The pair has breached resistance at 0.7704, Jan 29 high and this signals scope for a climb towards 0.7820, the Jan 6 high and the bull trigger. On the downside, a break of 0.7564, Feb 2 low would resume recent bearish pressure. Initial support lies at 0.7708, the 20-day EMA.
  • A few local releases on the docket tonight, the highlight will be labour market data at 0030GMT/1130AEDT. CBA says: "We estimate the labour market is close to recovering all of last year's lost jobs. We estimate an above‑consensus 50,000 rise in employment. We also estimate the unemployment rate eased from 6.6% to 6.4%."
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