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AUD/USD Forecast 06/12/2013

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AUD/USD Chart
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The Aussie is consolidating before key US data

The Australian dollar has clawed back some ground while we are awaiting the most important data of the week – the non-farm payrolls from the US. Payroll numbers are key for future trading in the pair and we will be awaiting the numbers anxiously to take our pick. Following are our two alternative scenarios.

The Australian dollar has clawed back some ground while we are awaiting the most important data of the week – the non-farm payrolls from the US. Payroll numbers are key for future trading in the pair and we will be awaiting the numbers anxiously to take our pick. Following are our two alternative scenarios.

Now let’s look at future levels. The pair is finding resistance at 0.9075-80 area so far so this is the point at which we would be buying puts if the numbers out of the US are not bad. Consensus for the non-farm payrolls is at 185,000 jobs. So should we see a higher number than 200,000 we think that the USD will perform rather well.

On the contrary if the number is at consensus or below we expect the Aussie to stage a comeback and we would be buying it on a sustained break on an hourly basis above 0.9085. Any number weaker than consensus would be sending the USD sharply lower and it will be difficult to trade that outcome.

Most importantly care before the end of the trading week as it has been a very good one for us and for those who followed our daily forecasts and our weekly JPY trading. Remember that today’s trading will be hectic and consider the saying – “better safe than sorry”.

One last line for those of you who don't follow our weekly previews - Non Farm Payrolls are released at 13:30 GMT.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.

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