AUD/USD remains vulnerable
AUD/USD is consolidating in the $0.9530/9470 area ahead of the NFP release in the US.
Commerzbank draws our attention to the extremely important support area of $0.9404/0.9388 (an inter-year pivot with the lows of 2011 and the highs of 2009-2010) pointing out that it might hold the initial test. According to the bank, failure here will make Aussie target $0.9147 and then $0.8670 on the way down to $0.8068 (2010 low). Resistance lies at $0.9600, $0.9660 and $0.9780. The near-term outlook will remain negative as long as AUD/USD trades below $0.9790.
Watch Chinese trader data tomorrow for the hints at Monday’s AUD/USD trading. According to forecasts, growth in imports slowed to the least in three months, dimming the demand outlook for Australian commodities.
Сhart. H4 AUD/USD