AUD/USD capped at $0.9080

AUD/USD tested the $0.9080 resistance area on the upbeat labor market data. Australia February employment rose more than three times above the forecast (47.3K vs. expected 15.3). What’s more, the January reading was revised from the negative territory to 18K. However, the positive news were followed by a wave of pessimism from China. As a result, Aussie retraced back into the $0.9040 area. 

ANZ expects AUD/USD to top at $0.9200 in the nearest future as neither the internal data, nor the external environment can offer a long-term fundamental support. Strategists at OCBC expect AUD/USD to continue the sideways trade in a short term: “Expect some consolidation to kick in around the 100-day MA ($0.9050) with support expected to emerge towards $0.8950."

Chart. H4 AUD/USD

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