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US Dollar Slides as NFPs Boost Risk Appetite- Aussie Surges

US Dollar Slides as NFPs Boost Risk Appetite- Aussie Surges

2011-10-07 14:53:00
Michael Boutros, Technical Strategist
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Daily Winners and Losers

US_Dollar_Slides_as_NFPs_Boost_Risk_Appetite-_Aussie_Surges_body_Picture_2.png, US Dollar Slides as NFPs Boost Risk Appetite- Aussie SurgesUS_Dollar_Slides_as_NFPs_Boost_Risk_Appetite-_Aussie_Surges_body_Picture_3.png, US Dollar Slides as NFPs Boost Risk Appetite- Aussie SurgesUS_Dollar_Slides_as_NFPs_Boost_Risk_Appetite-_Aussie_Surges_body_Picture_4.png, US Dollar Slides as NFPs Boost Risk Appetite- Aussie Surges

The Australian dollar tops the performance charts an hour into North American trade, advancing nearly 1% against a weaker greenback. A better than expected print on the September non-farm payroll report saw the dollar come under pressure as risk appetite gathered pace on the prospect of improving conditions in the labor markets. The report showed the addition of 103K jobs last month with an upward revision to the August print to 57K from a flat read.

The AUD/USD pair broke above the 100% Fibonacci extension taken from the September 26th and October 4th troughs at 9763 before encountering resistance at 0.9850.The aussie is likely to remain well supported on the back of today’s positive data with a breach above interim resistance eyeing topside targets at 0.9875 and the 99-handle. Support rests at the 98-figure, with subsequent floors seen at the 100% extension at 0.9763 and 0.9730.

Key Levels/Indicators

Level/Indicator

Level

100-Day SMA

1.0487

50-Day SMA

1.0293

20-Day SMA

0.9948

2011 AUD High

1.1079

US_Dollar_Slides_as_NFPs_Boost_Risk_Appetite-_Aussie_Surges_body_Picture_5.png, US Dollar Slides as NFPs Boost Risk Appetite- Aussie SurgesUS_Dollar_Slides_as_NFPs_Boost_Risk_Appetite-_Aussie_Surges_body_Picture_6.png, US Dollar Slides as NFPs Boost Risk Appetite- Aussie Surges

The yen was the weakest performer in early US trade, sliding a modest 0.08% against the dollar. The pair continues to consolidate into the apex of a wedge formation, ranging between the 38.2% and 23.6% Fibonacci extensions taken from September 9th and October 2nd crests at 76.57 and 76.83 respectively. The USD/JPY is likely to remain well anchored at these levels throughout the session as both the yen and the greenback go on the defensive as risk appetite steers traders into higher yielding, growth backed currencies like the aussie, the kiwi, and the loonie. A break above interim resistance eyes topside targets at 76.95 and 77.25. A break below 76.57 looks for a test of the 50% Fibonacci extension at 76.40 and 76.20.

Key Levels/Indicators

Level/Indicator

Level

100-Day SMA

78.50

50-Day SMA

76.91

20-Day SMA

76.68

2011 JPY High

75.94

Written by Michael Boutros, Currency Analyst with DailyFX.com

To contact Michael emailmboutros@dailyfx.comor follow him on Twitter @MBForex.

To be added to Michael’s email distribution list, send an email with subject line “Distribution List” to mboutros@dailyfx.com

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