News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/gRjdVfbg66
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCYRCIk https://t.co/mLLGqYUygY
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/HUYJzEkYiT
  • #Gold prices put in a major breakout last month and, so far, buyers have held the line. But a really big Fed meeting is on the calendar for this week. Can Gold bulls hold? Get your market update from @JStanleyFX here: https://t.co/NGRTSfceOW https://t.co/QkSUORIQE2
  • Struggling to define key levels? Floor-Trader Pivots assist traders in identifying areas in a chart where price is likely to approach and can be used to set appropriate targets, while effectively managing risk. Learn how to use this indicator here: https://t.co/Ye4m1FMKUW https://t.co/PHK2sqB1jV
  • Top event risk for more than just the Dow and Dollar this week is the Wednesday #FOMC rate decision. What the markets expect sets the tone for how the event impacts price action. My run down of the week and Fed decision: https://www.dailyfx.com/forex/video/daily_news_report/2021/06/12/Dollar-and-SP-500-Breaks-Must-Abide-the-FOMC-Decision-This-Week.html https://t.co/Huvth4f706
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/AkE7bFRWAt
  • $GBPUSD continues to trade in ranges as volatility dwindles. UK data to play second fiddle to FOMC. Get your market update from @JMcQueenFX here: https://t.co/T0Eg4KaENB https://t.co/GMmZa5L0Il
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/wlGgQrcK3X
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/qnQ8Cx0DKv
Australian Dollar Outlook: AUD/USD May Break Support on Jobs Report

Australian Dollar Outlook: AUD/USD May Break Support on Jobs Report

Thomas Westwater, Analyst

Australian Dollar, AUD/USD, Jobs Report – Talking Points

  • Risk aversion rises as Covid-19 forces NYC schools to close down
  • Australian Dollar gives weak reaction to positive jobs report
  • AUD/USD remains under 0.73 handle as Covid drags on sentiment
Advertisement

On Wall Street, Covid-related economic fears pushed stocks lower into the closing bell. The S&P 500 index fell 1.16% while the tech-heavy Nasdaq 100 index dropped 0.69%. U.S. equities accelerated to the downside after New York City announced that it will close down in-person schooling beginning tomorrow. In the Treasury market, yields across the curve pushed higher, with the 10-year yield rising from a multi-week low.

AUD/USD, E-Mini S&P 500 Futures, 10-Year Treasury CBOE Note Yield

TNX vs AUDUSD vs SPX

Chart created with TradingView

The situation across the United States continues to deteriorate with daily cases, deaths, and hospitalizations seeing a rapid rise. As of November 17, hospitals in the U.S. have 76,830 Covid patients according to the Covid Tracking Project. The figures are alarming and experts are stressing that many regions’ hospitals are at or near capacity.

U.S. Currently Hospitalized Covid Patients

US Hospital COVID

Source: The Covid Tracking Project

The announcement out of NYC reversed earlier optimism after Pfizer announced that they are ready to submit their Covid vaccine under the FDA’s emergency use authorization. The news-driven sentiment echoed across the broader market, hitting the sentiment-linked Australian Dollar.

Thursday’s Asia-Pacific Outlook:

The Australian Dollar is in focus following October’s better than expected jobs data. According to the DailyFX Economic Calendar, Australia gained 178.8k jobs versus expectations for -30k. AUD/USD has climbed nearly 4% higher since October’s close, as vaccine headlines helped bolster the Aussie-Dollar. However, momentum has flatlined in recent days as Covid dragged on market sentiment.

AUD/USD dipped below the 0.73 handle leading into the release of the Australian jobs data and has failed to retake that level following the report crossing the wires. The lack of a bullish reaction in AUD/USD shows that the overwhelming focus for traders likely remains centered on the Covid pandemic. The RBA is also likely in a wait-and-see pattern after the strong jobs data.

AUD/USD Four-Hour Chart

AUDUSD

Chart created with TradingView

AUD/USD TRADING RESOURCES

--- Written by Thomas Westwater, Analyst for DailyFX.com

To contact Thomas, use the comments section below or @FxWestwateron Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES