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AUD/USD falling on NFP’s but how high can greenback go?

FXStreet (Guatemala) - AUD/USD is trading at 0.8658, down -1.64% on the day, having posted a daily high at 0.8808 and low at 0.8647.

AUD/USD has taken a tumble of over a cent on the back of better than expected US non farm payrolls that printed 248K in September with an upward 69K revision to the previous 2 months data to add to an already highly positive headline. This is an impressive set of data and the greenback is where investors are parking their money but when we look deeper there could be some elements that the doves can cling on to, as Rob Carnell, analyst at ING Bank explained.

AUD/USD bears, look again

“Wages growth, despite anecdotes of strong hiring, labour shortages and building wage pressure, slipped back to 2.0%YoY from 2.1%, on a 0.0% mom change. This is disappointing”. Rob Carnell explained and he also added, “With oil prices plunging, and headline inflation in the US likely to fall sharply in coming months, thoughts of a 2Q15 rate hike from the Fed are looking increasingly unlikely, so wages are less of a pivot for policy-makers than they were several months ago when CPI inflation was pushing above 2.0%”.

AUD/USD note worthy levels

Spot is presently trading at 0.8659, and next resistance can be seen at 0.8679 (Daily Classic S2), 0.8692 (Weekly Classic S1) and 0.8698. Support below can be found at 0.8647, 0.8635 (Daily Classic S3), 0.8619 (Weekly Classic S2), 0.8489 (Weekly Classic S3) and longer term 0.8104 (5 Year Low).

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