The AUDUSD continued its recent advancement in response to the RBA leaving interest rates unchanged, while the pair also benefited from the announcement that
All in all, the absence of a dovish RBA statement alongside the positive
On Thursday morning, the latest building approvals and retail sales figures are released from
This Thursday, the latest US non-farm payroll is also scheduled to be released. It is possible that a major contributing factor behind the AUDUSD's recent bullish momentum is because confidence has decreased in the US economy. During the FOMC meeting two weeks ago, the Federal Reserve downgraded their 2014 economic growth projections. Additionally,
The alarming GDP confirmation has added increased pressure for Thursday's non-farm payroll to impress. The US employment sector has made substantial progress as of late. For example, the US economy has now recovered all of the 8.7 million jobs they lost during the recession. Also, the US has added over 200,000 jobs to their economy for the past four consecutive months (something that hasn't been achieved since 2000). However, the response to the US economy adding 217,000 jobs last month was muted. With
In regards to the technicals on the Daily timeframe, the AUDUSD has recently surpassed the 0.9463 resistance level and is now challenging a
However, both the Stochastic Oscillator and RSI are suggesting that the pair is close to reaching the overbought boundaries. If the Australian economic data disappoints, or the US NFP impresses, an AUDUSD pullback is likely. In which case, the AUDUSD could possibly use previous resistance levels as support. Possible levels are situated at 0.9425 and 0.9360.
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