OctaFX | OctaFX Forex Broker
Open trading account
Back

AUD/USD consolidating above 0.7100

FXStreet (Edinburgh) - The Aussie dollar remains the best G10 performer on Thursday, lifting AUD/USD to the vicinity of 0.7160 although surrendering some ground afterwards.

AUD/USD boosted by data

Spot has managed to break above the overnight consolidative pattern around 0.7060, climbing a cent following the stellar report from the Australian labour market during October, where the unemployment rate ticked lower to 5.9% and the employment has increased by nearly 60K.

However, the sustainability of the current correction higher will remain under scrutiny, in light of the broader picture of the RBA monetary policy stance, the potential slowdown in the Chinese economy and the persistent weakness surrounding the commodity universe.

AUD/USD levels to consider

As of writing the pair is up 1.06% at 0.7136 facing the next up barrier at 0.7199 (50% Fibo of 0.7386-0.7012) ahead of 0.7237 (100-day sma) and finally 0.7386 (monthly tops Oct.12). On the other hand, a breach of 0.7009 (2-month uptrend) would aim for 0.6934 (low Sep.29) and then 0.6893 (2015 low Sep.7).

USDCAD: Upside risks building ahead of crude inventories - TDS

Ned Rumpeltin, European Head of Currency Strategy at TD Securities, suggests that the USDCAD price action return to full focus today as there is not a whole lot in front of them to look forward to except for the release of the DOE crude oil inventory report.
Read more Previous

Oil dips as OPEC sees no change in global demand

Oil prices fell into losses after the OPEC, in its monthly report, kept the global demand growth forecasts unchanged.
Read more Next
Start livechat