AUD/USD: headed to 0.7477? More action to come …

By FXStreet AUD/USD is pursuing the downside and more than often, a weekly bearish stick is followed by at least another one or two, although that has not been the case so far this year.

However, the fundamentals on this occasion are a solid platform for the bears as we lead in towards the nonfarm payrolls at the end of this week for more potential fireworks. However, before then we have a few other key releases for Australia. Trade balance and retails sales are up tomorrow while at the end of the week we will have the RBA’s statement. In respect to nonfarm payrolls, analysts at Brown Brothers Harriman offered a preview:

“Another 200k increase in nonfarm payrolls is not a game-changer. Even modest earnings growth is unlikely to do much to help the dollar. The FOMC has already taken this on board. The issue is not jobs or income; it is consumption and investment. We suspect that the dollar risk is asymmetrical. It is more likely to be sold on disappointment than to rally on a stronger report. “

AUD/USD levels

AUD/USD slipped to the 2016 uptrend line at 0.7550 and took that out to print fresh lows …read more

Source:: FX Street