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12 Dec 2013
Upbeat Aus jobs opportunity to sell AUD
FXstreet.com (Bali) - The 'counter-intuitive' move by the Australian Dollar to fake longs post upbeat Aus jobs report is a classic sign that the market aims to continue selling the Aussie.
Today's Aus jobs doubled expectations (21k vs 10k), with full time contracts making up for most of the increase, an outcome which should have given the Australian Dollar further impetus, at least through the Asian session, to sustain part of its gains. However, the absorption of demand on the initial 40 pips bounce tells a clear story about sentiment towards the Aussie.
Looking at the present AUD/USD technical status, the pair remains in a 160 pips consolidation from 0.90 to 0.9160, despite lower timeframes ichimoku indicators are signaling that an attempt to break 0.90 may be brewing.
On a fundamental note, rumours that Stanley Fischer (reputation to be bullsh) might soon to nominated as next Fed Vice Chair, together with US budget deal (guarantees no shutdown at least until 2015), coupled with GM closing Australian Holden plant by 2017 (jobs market will be hit) are recent development that may have given macro players additional reasons to reinforce their AUD bearish views.
Today's Aus jobs doubled expectations (21k vs 10k), with full time contracts making up for most of the increase, an outcome which should have given the Australian Dollar further impetus, at least through the Asian session, to sustain part of its gains. However, the absorption of demand on the initial 40 pips bounce tells a clear story about sentiment towards the Aussie.
Looking at the present AUD/USD technical status, the pair remains in a 160 pips consolidation from 0.90 to 0.9160, despite lower timeframes ichimoku indicators are signaling that an attempt to break 0.90 may be brewing.
On a fundamental note, rumours that Stanley Fischer (reputation to be bullsh) might soon to nominated as next Fed Vice Chair, together with US budget deal (guarantees no shutdown at least until 2015), coupled with GM closing Australian Holden plant by 2017 (jobs market will be hit) are recent development that may have given macro players additional reasons to reinforce their AUD bearish views.