AUD USD trading slightly higher
9/2/2016 11:02:15 AM
Expanding its bounce for third sequential from 100-day SMA weekly low support, the AUD/USD pair has now increased to 50-day SMA and testing top end of the weekly trading range. Currently floating around 0.7550 region, the pair removed all of its weekly losses recorded during the early part of the week and is now trading slightly higher for the week. Thursday's disappointing release of US ISM manufacturing PMI for August helped the pair to develop to Wednesday's recoil from sub-0.7500 mark. However, today's NFP report stays a key factor for the pair's near-term path as a surprisingly strong headline number would boost expectations of an ultimate Fed rate-hike action and highly supportive for the dollar. Immediate upside persistence is fixed near 0.7570 level, above which the pair appears to easily surpass 0.7600 handle and head towards testing its next major supply zone near 0.7625 area. On the other hand, decline back below 0.7530-25 immediate support looks to drag the pair back towards 100-day SMA support near 0.7500-0.7495 region, which if broken resolutely should speed up the slide immediately towards 0.7450 before the pair finally fall below 0.7400 handle towards testing the very important 200-day SMA support near 0.7385 region.
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