The Australian dollar dips lower amid many economic releases and a “risk-off” atmosphere. The upcoming week features the meeting minutes from the RBA and other releases. Here are the highlights of the week and an updated technical analysis for AUD/USD.
The Australian dollar fell alongside other commodity currencies but never went too far. An upbeat NAB figure helped it recover. The jobs report was somewhat mixed, with fewer job gains than predicted but a drop in the unemployment rate. Wages remain an issue for Australia, as they do in other places. In the US, inflation came out slightly above expectations but the dollar was hit by worries that Republicans will not be able to pass the tax cuts.
Updates:
AUD/USD daily graph with support and resistance lines on it. Click to enlarge:
AUD/USD Technical Analysis
The Aussie initially slipped to lower ground, slipping under 0.7625 (mentioned last week). However, it kept on fighting for quite a while.
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