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Forex: AUD/USD, USD/JPY & Session Ranges

Posted by Akhilesh Ganti on Mar 6, 2014 10:37:00 PM

A relatively quiet start as the markets await the US Non-Farm Payroll report slated for release a bit later on today. With the FED committed to the tapering process, traders are waiting for some sign that the US economy is indeed on the path to self sustainability and a strong employment report would go a long way towards reassuring the market of the policy makers's "wisdom". 

Non-Farm Payroll preview:


Country Event Period Survey Prior
United States Change in Nonfarm Payrolls Feb 149K 113K
United States Two-Month Payroll Net Revision Feb -- --
United States Change in Private Payrolls Feb 145K 142K
United States Change in Manufact. Payrolls Feb 5K 21K
United States Unemployment Rate Feb 6.60% 6.60%
United States Average Hourly Earnings MoM Feb 0.20% 0.20%
United States Average Hourly Earnings YoY Feb 2.00% 1.90%
United States Average Weekly Hours All Employees Feb 34.4 34.4
United States Change in Household Employment Feb -- 638
United States Underemployment Rate Feb -- 12.70%
United States Labor Force Participation Rate Feb -- 63.00%


The Aussie breached the key resistance level at 0.9080 aided by yesterday's better than expected Retail Sales & Trade balance numbers. RBA Governor Stevens was on the wires today trying to talk down the currency but, given that inflation is also picking up, it would appear that there isn't much that the board can do about it. The pair has been trading within a parallel channel and yesterday's bullish price action could see a test of the dynamic upper boundary on a multi-session basis. The immediate target looks to be 0.9168 which, if breached, could see the pair test the descending trendline that connects 1.0582 to 0.9758 which has defined the bearish trend since April 2013. 

audusd 030614


Dlr/yen is currently trading at the nexus of the descending trendline and the upper boundary of the parallel channel that has defined its recent price action. A breach of this would bring into focus resistance levels at 103.44 and 103.86. Tomorrow's US NFP data and the effect that would have on US yields could be the determining factor as to whether this pair continues its bullish march or reverts back to its recent range.  

usdjpy 030614

Ranges:{WWM's New ALPHA Trader-DAILY charts [EUR,GBP,AUD,YEN,GOLD,OIL,WallStreet]}(click to enlarge)


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