AUD/USD awaits jobs data as key event
The next stop thereafter will be the FOMC and final Fed decision for this year, 2015. 2016 is eagerly awaited and the RBA might want to look again at their policy with a series of data to review upon and tonight's jobs data will be critical, because there is little positive news else-where and commodities are a real threat to the RBA's inflation target, particularly oil and LNG prices.
Technically, the minor recovery has hit a brick wall on the 0.73 handle and the downsides to play for currently. The 20 SMA on the hourly chart has been broken at 0.7215 and we have already seen lows at 0.7172 when the Asian supply took over. 0.7180 is the point at which the price rallied in late November trade to recent highs so has been a level of support at those lows. However, a further test or two and a material break could be last defense for 0.7017 November low and the September low at 0.6940.
What will 2016 bring to the Forex traders? Attend our Forex Forecast 2016 - The Panel with Ashraf Laidi, Valeria Bednarik, Boris Schlossberg, Adam Button, Ivan Delgado and Dale Pinkert. Register for the live event on Dec. 18th and get the recording too.