Forex Marketz Daily Forex News – Fully Markets Update
The Australian dollar fell on Friday after better than expected U.S. jobs numbers. The U.S. currency was broadly stronger which sent the benchmark AUD/USD currency exchange rate lower.
The economic calendar is quiet on Monday. Overnight into Tuesday, Australia will release monthly housing data. The National Australia Bank will publish their business confidence index. The United States will publish more jobs numbers as JOLTS will release their jobs openings.
The United Kingdom is not releasing economic data on Monday. The Eurozone will release their monthly export data. SENTIX will release their euro area monthly economic sentiment survey.
The widely watched July non-farm payroll (NFP) report was published and widely beat expectations. The U.S. economy added 943,000 new jobs in July. Their monthly unemployment rate also contracted to 5.4 percent. Monthly average earnings rose 0.4 percent and the labor participation rate improved.
Daily Australian Dollar Technical Analysis (AUD/USD)
Looking at the above daily AUD/USD MT 4 price action chart, the 14 day MACD momentum indicator is trading around its mid-line. The short-term twenty (20) day simple moving average has a bearish slope. The one hundred (100) day simple moving average looks a bit bearish as well. So does the 200 day simple moving average.
The Australian dollar is also trading above a rising trend line from last year’s low price point at 0.7288. While below the 20 day simple moving average the AUD/USD Forex market appears vulnerable for more losses.
With that said, immediate technical support lines up at 0.7290. The next layer of technical support lines up at 0.7220. A daily close below 0.7220 opens the door for the technical support barrier at 0.71.
While below 0.7440, the AUD/USD bears remain in control. A daily close back above the upside barrier at 0.7440 opens the door for a possible run to challenge the technical layer of resistance in play at the key round number of 0.75.
