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Today's non-farm payroll report from US is very vital for the Aussie dollar pair, which as of now stands very close to key support level, which held strong for first half of the year and seen as last one standing in front of bears.
- Australian economy showing mixed signs. Some economic indicators are pointing at stabilization, if not recovery such as Labour market statistics or housing sector. Other indicator such as exports, commodity prices, mining investments continue to point at further economic downturn ahead.
- Australian dollar on other hand is currently trading at 0.76 against dollar, which as of now looks like that it is going to move further down. However, nothing is a done deal, until it's done. The support held on almost half a year. It deserves all the respect until broken.
Dollar index, which is value of dollar against basket of currencies is also at crucial juncture.
Dollar index is testing key resistance around 96-96.5 area.
- Today's better than expected NFP report might not be able to push Aussie beyond 0.75, since that would be more than 2 ATR (15) move. However it can certainly set the stage for move downwards over the coming days. Support area stands as 0.756-0.75.
