AUD/USD: steady ahead of nonfarm payrolls

By FXStreet AUD/USD is consolidating the downside having based on positive data in Australia yesterday, despite the greenback’s relentless comeback.

Weighing on the Aussie has been the recent CPI results for Q1 and the RBA voicing their concerns for growth starting to moderate in the economy along with mixed jobs data, forcing the hand of the Central Bank to act and subsequently cutting rates by 25bps. We now await the nonfarm payrolls as the next major catalyst.

Extra reading: Nonfarm Payrolls – “Fuhgeddabouit”!

AUD/USD levels

0.7520 remains a key level to the upside, while through there, the next level comes as 50 dma at 0.7564 ahead of a full recovery back to the 0.76 handle where the 20 dma resides at 0.7646.

To the downside, AUD/USD had been eroding the 2016 up-trend line at 0.7550 and took that out earlier in the week to then break a further key support at 0.7477 being the late March low.

0.7446 was a fresh low made earlier in the week and on a good nonfarm payrolls number, a break of 16th March lows at 0.7414 would give way to 0.7380 and 11th Oct highs with the possibility of bears making a break for the 100 …read more

Source:: FX Street