The AUD/USD Can’t Crack 81 Cents
Rowan Crosby • 1 min read
There’s been a bit of data around that has been trying its best to push the AUD/USD lower. Yesterday we saw CPI come out and it was not all that impressive. Although the AUD held up quite well.
Then during the US session, the Aussie started to drift. For the most part, the FOMC didn’t bring too much breaking news and the USD was relatively mixed across most of the majors. To be fair it has found a level of consolidation recently after what has been a strong downtrend.
However, the AUD/USD has started to slip a little lower in Asian trade. For the most part, the Aussie economic data wasn’t that major. Second-tier and price hasn’t moved too far on the day.
Where to for the AUD?
81 cents is now looking like an immovable resistance level. Looking at some longer-term charts and we can see that while we’ve tested 81 numerous times, price can’t maintain any strength above it.
To me, that is starting to look like a bit of a top. Of course, there are some big numbers that will be coming out on Friday that is sure to have a big impact. Of course, I’m talking about US employment.
Given the flat FOMC update, the jobs report looks all the more important. For now, I’m a seller at 81 cents given the chance.