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Thomson Reuters
Apr 04 - 02:36 PM
AUD/USD - COMMENT-Looming US Jobs Data Finds AUD/USD Bulls In Doubt
First appeared on eFXplus on Apr 04 - 12:40 PM

AUD/USD bulls are wondering if they can extend the currency pair's rally after it again failed nL1N21M0EB in a fourth attempt to hold above the 55-DMA and subsequently fell toward the 10- and 21-DMAs in the wake of strong U.S. jobless claims data.
U.S. Treasury yields and the greenback rallied after jobless claims hit their lowest since 1969 nL1N21L1J8 and AUD/USD lost ground as bulls lightened their load ahead of tomorrow's March U.S. non-farm payrolls report.
AUD/USD optimists have been confidently expecting a U.S.-Sino trade deal soon, but that upbeat view is already largely priced in. That leaves tomorrow's jobs report to determine whether the recent rally can make a clean break of the 55-DMA and daily cloud top.
February's U.S.
jobs data
was well below forecasts and increased concerns of slowing global growth.
A payrolls rebound near expectations USNFAR=ECI would likely ease those worries but also might boost overall risk appetite, underpinning riskier assets such as emerging markets and high-beta currencies such as AUD/USD.

chart: Click here

Source:
Thomson Reuters IFR Markets

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