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Algo's buying back AUD after Aus jobs

FXStreet (Bali) - For a second month in a row, the reaction to the Australian jobs, this time disappointing traders, has seen a counter-intuitive move in the Australian Dollar.

If last month the outcome paying off was selling AUD on strength following an astonishingly high employment report (now revised much lower), this time around, a disappointing series of numbers, has seen algo's buying AUD back, as the Fed keeps its cautious line, which in turn forces fast money holding USD longs to head to the exits.

Jim Langlands, Founder at FXCharts, notes: "The downside does look a bit limited for now, and if the Fibo resistance at 0.8845 (23.6% of 0.9504/0.8642) can be overcome, then there is not a great deal to stop the Aud heading back to 0.8890/00, but which if seen would be another sell opportunity I think. If wrong then the Aud could head on to 0.8965(38.2% of 0.9504/0.8642)."

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