Thursday, August 11, 2016

AUD/USD has shown limited movement

AUD/USD ratio is unchanged on Thursday, consistent with the lack of movement from AUD/USD. Short positions have a majority (55%), indicative of trader bias towards the pair breaking out and moving ground.
•AUD/USD has shown limited movement throughout the Thursday session
•There is resistance at 0.7835
•0.7701 was tested earlier in support. This line remains fluid and could see further action in the North American session
•Current range: 0.7701 to 0.7835
Further levels in both directions:
•Below: 0.7701, 0.7560, 0.7440 and 0.7339
•Above: 0.7835, 0.7938 and 0.8045
The Australian dollar is almost unchanged on Thursday after gaining 50 points on Wednesday. In the North American session, AUD/USD is trading slightly above the 0.77 level. On the release front, it’s another quiet day. Australian MI Inflation Expectations dipped to 3.5%. There was more good news from the US labor market, as Unemployment Claims dropped to 266 thousand, beating expectations. Friday will be busy, as the US releases key retail sales, CPI and consumer confidence reports. Any unexpected readings could affect the movement of AUD/USD.