Friday, August 19, 2016

AUD/USD

•AUD/USD posted considerable losses in the Asian and European sessions. The pair is unchanged early in North American trade
•0.7701 has strengthened in resistance following losses from AUD/USD
•0.7560 is providing support
•Current range: 0.7560 to 0.7701
Further levels in both directions:
•Below: 0.7560, 0.7440 and 0.7339
•Above: 0.7701, 0.7835, 0.7938 and 0.8045
AUD/USD ratio is showing little movement on Friday. Currently, short positions have a small majority (52%), indicative of slight trader bias towards the pair reversing directions and moving upwards.
The Australian dollar has posted considerable losses on Friday. Early in the North American session, the pair is trading just above the 0.76 level. There are no Australian or US releases on the schedule.
US numbers were positive on Thursday, and continue to boost the US dollar. US unemployment claims dropped to 262 thousand, beating the forecast of 269 thousand. This marked a five-week low for the key indicator and points to a labor market that is not only robust, but is approaching full capacity. On the manufacturing front, the Philly Fed Manufacturing  Index gained 2.0 points, rebounding nicely from a decline of -2.9 points in the previous release. This figure beat the estimate of 1.4 points.
In Australia employment numbers sparkled in July. Employment Change jumped 26.2 thousand, crushing the estimate of 10.2 thousand. This marked the sharpest gain since October 2015. However, the rise was made up of part-time jobs, as full-time positions actually dropped.