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AUD/USD awaiting retails sales before Nonfarm Payrolls

FXStreet (Guatemala) - AUD/USD is currently trading at 0.7032 with a high of 0.7034 in early Asia and a low of 0.7025.

AUD/USD is supported at the 50 SMA on the 4hr chart on the downtrend from the highs of 0.7080 territory that the pair was unable to penetrate in a second occasion in London overnight. Casting minds back to yesterday's business in the Tokyo session, the pair found demand based on China's data beating expectations.

The official China Sep PMI that arrived at 49.8. The non manufacturing for Sep was at 53.4 vs pre 53.4. The Caixin/Markit final PMI came in and beat the flash reading of 47.0 and arrived at 47.2.

China is out on holiday again today and there is no further impetus there, but we still have Australian retail sales to contend with before Nonfarm Payrolls tomorrow. Retails sales is expected 0.4% while Nonfarm Payrolls is expected to come in around the 200k mark post a positive ADP report earlier in the week and will leave the door open for the Fed to hike rates before the year is out.

AUD/USD levels

Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the technical indicators have turned sharply lower from near overbought territory, and are getting closer to cross their mid-lines towards the downside, whilst the 20 SMA remains horizontal around 0.7000, providing an immediate short term support.

US stocks closed little changed

US indexes closed around their daily opening, recovering from sharp intraday declines ahead of the closing bell. The DJIA closed at 16,272.01, down 12 points, whilst the Nasdaq and the S&P adding a handful of points.
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