AUD/USD on offers for the fourth straight session, but holds above 0.7200 mark

   •  Struggles to build on overnight attempted rebound amid a modest USD uptick.    •  Renewed worries about the US-China relations continue to weig  |  07/12/2018 06:56

   •  Struggles to build on overnight attempted rebound amid a modest USD uptick.
   •  Renewed worries about the US-China relations continue to weigh on the Aussie.
   •  Today’s key focus will remain on the keenly watched US monthly jobs report.

The AUD/USD pair struggled to build on overnight attempted recovery from over three-week tops and traded with a negative bias for the fourth consecutive session.

Thursday's disappointing release of the ADP report on the US private sector employment triggered a modest US Dollar retracement and helped the pair to recover a part of its early slide to sub-0.7200 level, touched in the reaction of fresh worries about the US-China relations.

The greenback was further pressured by concerns about an inversion in part of the US Treasury bond yield curve, which is seen as an early warning sign for a potential recession, and fading safe-haven demand amid a goodish rebound in the US equity markets. 

The uptick, however, lacked any follow-through during the Asian session on Friday and remained capped on the back of a mildly positive tone surrounding the buck, this time supported by a goodish pickup in the US Treasury bond yields. 

Despite the prevalent bearish bias, the pair has managed to hold its neck above the 0.7200 handle as investors now seemed reluctant to place any aggressive bets ahead of today's important release - the keenly watched US monthly jobs report, popularly known as NFP.

Technical levels to watch

Bulls might continue to try and defend the 0.7200 handle, below which the pair is likely to accelerate the fall back towards the 0.7170-65 support area. On the flip side, recovery beyond the 0.7235-40 region could get extended towards the 0.7265-70 region, above which the pair is likely to aim towards reclaiming the 0.7300 mark.
 

Share

Popular News

Show More Popular News

Sentiment

Open a Demo Account Open A Live Account

Losses can exceed deposits

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com