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Instrument: AUDUSD
Bullish Preference:
A buy position is envisaged if price trades above 0.66103 with take profit at 0.66195
Bearish Preference:
A sell position is envisaged if price trades below 0.66020 with take profit at 0.65923
Fundamentals:
2:30pm USD Average Hourly Earnings
Non-Farm Employment Change
Unemployment Rate
Comment:
Australia’s trade balance grew less than expected in October as exports picked up only slightly from sharp declines in recent months, while a drop in imports raised some concerns over shrinking domestic demand.
The Australian dollar jumped 0.7%, recovering from two days of steep losses even as data showed Australia’s economy grew less than expected in the third quarter, hit chiefly by declining export demand in China. But local demand and spending remained robust. A less hawkish Reserve Bank was the key source of pressure on the Australian dollar, after the bank kept interest rates on hold on Tuesday and flagged a largely data-driven approach to future hikes.
The dollar dipped in European trade on Thursday, as markets remained on edge before key U.S. labor data
Analysis: SCRUM Team
