3 Dec 2014
AUD/USD tests 0.8450 area; but rejected
FXStreet (San Francisco) - The Aussie attempted to recover losses versus the US Dollar as the pair bounced off lows since July 2010 at 0.8385 to test 0.8450 just before the ADP report. However a weak number added pressure to the AUD/USD and it's now trading back to 0.8420.
ADP reported a gain of 208K new private jobs in November, lower than expected. ADP employment remains adding over 200K new jobs each month; however, November was only the sixth largest increase in 2014.
Currently, AUD/USD is trading at 0.8426, down -0.24% on the day, having posted a daily high at 0.8469 and low at 0.8388. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
AUD/USD sentiment
According to Adam Button from ForexLive, "the weak Australian GDP reading caused a sharp drop in AUD/USD but the Aussie has already recovered half of the losses." However, "keep an eye on the 61.8% retracement at 0.8437 — a break could spark a complete recovery."
If the pair resumes its uptrend, it will find resistances at the mentioned 0.8437, 0.8450 and 0.8465. To the downside, supports are at 0.8390, 0.8380 and 0.8350.
ADP reported a gain of 208K new private jobs in November, lower than expected. ADP employment remains adding over 200K new jobs each month; however, November was only the sixth largest increase in 2014.
Currently, AUD/USD is trading at 0.8426, down -0.24% on the day, having posted a daily high at 0.8469 and low at 0.8388. The FXStreet OB/OS Index is reflecting neutral hourly conditions, while the FXStreet Trend Index is slightly bullish.
AUD/USD sentiment
According to Adam Button from ForexLive, "the weak Australian GDP reading caused a sharp drop in AUD/USD but the Aussie has already recovered half of the losses." However, "keep an eye on the 61.8% retracement at 0.8437 — a break could spark a complete recovery."
If the pair resumes its uptrend, it will find resistances at the mentioned 0.8437, 0.8450 and 0.8465. To the downside, supports are at 0.8390, 0.8380 and 0.8350.