Now that my secretary duties have finished after following Carney, Draghi and Rehn I’ll get back to some market analysis. I’m going to need a serious manicure this weekend.
0.9354 was the high last night right around the jobs release and it was all south thereafter. It poses the question whether that’s another true failure in that 0.9330/40 area or whether this is just a setback. The aussie was already under pressure from it’s close neighbour, New Zealand after Wheeler failed to talk the the kiwi down. AUD/NZD had been looking to break higher but got smacked from around 1.1550 to 1.1379, and further during the European session.
AUD/USD H4 chart 12 09 2013
The previous break point at 0.9220/30 has become support to the drop so far and I think we will get confirmation of a failure up in the 0.93’s if that goes soon.
At the moment the pairs direction is back in the balance. While Eamonn highlighted that the jobs number is a fairly volatile figure it doesn’t disguise the fact that it was bad and that there are problems in the Aussie economy. This may start to weigh once more on the price and no doubt the talk will turn again to RBA policy.
I’m out of my positions and because of my complete buffonery in placing orders on wrong platforms, I’m only walking away with around 50 pips profit. I don’t wish to sound blaisé about it as it’s not to be sniffed at of course, but a silly mistake cost me profiting from the fall. I may look to trade a break at either end of the market from here (0.9220/30 or 0.9340/50) but for now we’re in limbo land.