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AUDUSD - Short Below Key Resistance

Aug 12, 2021

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AUDUSD - Short Below Key Resistance by KQMarkets on TradingView.com

Commentary

AUDUSD has consolidated below at 0.748 and we expect below this resistance level the currency pair to move lower toward the psychological 0.7 level.

Non farm payrolls came in at 943K vs 870K forecast boosting the US dollar as Australia continues to be impacted by the covid delta variant. 

Additionally, treasury yields have risen on the back of the strong payroll number as the markets expects the FED to taper sooner. 

Next week we await key economic data releases including US retail sales as well as RBA meeting minutes and FOMC meeting minutes for any significant price action.

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