FXstreet.com (Barcelona) - Against some expectations that the AUD/USD may be capped by heavy selling orders at 1.0600 ahead of another run of Chinese data at 5.30 GMT, the Aussie is simply on fire, and with such strong uptrend in place, no wonder it just managed to blew out some more stop loss orders above 1.0600 amid the desperation of those trying to pick a top.
AUD/USD is currently consolidation above 1.0600 after peaking at 1.0611. Generous bids have come into the Aussie today, following better-than-expected Australia jobs report, which came at +14k in total vs +10k expected.
Sean Lee, Founder at FXWW, notes: "The daily chart is showing few signs of topping just yet. Some may even look for a buy signal when the 50MA crosses the 100MA. Personally I prefer to wait for a test of stronger technical resistance levels near 1.0700 before trying the contrarian trade. There are stop-loss orders reported above 1.0615 and they will also be a target."
AUD/USD is currently consolidation above 1.0600 after peaking at 1.0611. Generous bids have come into the Aussie today, following better-than-expected Australia jobs report, which came at +14k in total vs +10k expected.
Sean Lee, Founder at FXWW, notes: "The daily chart is showing few signs of topping just yet. Some may even look for a buy signal when the 50MA crosses the 100MA. Personally I prefer to wait for a test of stronger technical resistance levels near 1.0700 before trying the contrarian trade. There are stop-loss orders reported above 1.0615 and they will also be a target."
