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27 Mar 2015
AUD/USD contained by descending resistance
FXStreet (Guatemala) - AUD/USD is currently trading at 0.7778 with a high of 0.7836 and a low of 0.7774.
AUD/USD is trading with a bearish bias and lost the 0.78 handle, contained to the downside by a strong descending resistance line from 0.7880 territory. The pair is currently supported by the September-to-March resistance line at 0.7767. Next week will dominated by the forthcoming US labour report as the major highlight on the calendar.
"Early consensus is looking for a deceleration in job growth from the 295K rate in Feb to around 250K in March, explained analysts at TD Securities. "But we think that the risks to the headline lie to the downside, and look for a steeper slowdown to 220K."
Karen Jones, chief analyst at Commerzbank explained that as long as AUD/USD remains below this week’s high at 0.7938 on a daily chart closing basis, the currency pair should remain under pressure.
AUD/USD is trading with a bearish bias and lost the 0.78 handle, contained to the downside by a strong descending resistance line from 0.7880 territory. The pair is currently supported by the September-to-March resistance line at 0.7767. Next week will dominated by the forthcoming US labour report as the major highlight on the calendar.
"Early consensus is looking for a deceleration in job growth from the 295K rate in Feb to around 250K in March, explained analysts at TD Securities. "But we think that the risks to the headline lie to the downside, and look for a steeper slowdown to 220K."
Karen Jones, chief analyst at Commerzbank explained that as long as AUD/USD remains below this week’s high at 0.7938 on a daily chart closing basis, the currency pair should remain under pressure.