European Open China PMI Beats Equities Rise Ahead of NFP
There’s an air of confidence ahead of today’s NFP, with equity futures and commodities rising overnight. So bulls had best hope it delivers to avoid disappointment.
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AUD/USD (daily chart) has sustained its slide of the past several days to dip below the key 0.9000 psychological level and approach a resumption of the strong bearish trend that has been in place since the April high near 1.0600. The past several weeks have seen an upside correction that hit a high of 0.9232, but that correction was rather minor and short-lived within the context of the much larger bearish trend. The key downside level to watch continues to be major support at 0.8850, which is not only a strong historical support/resistance level but is also the pivotal long-term low that was hit in early August before the upside correction. A breakdown below 0.8850 would confirm a continuation of the four-month plunging trend. In this event, a key intermediate support objective to the downside resides around the 0.8600 level.
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