AUD/USD Price Analysis: Bears under a 78.6% target area ahead of RBA AUDUSD Technical Analysis
The culprit was outstanding results in the US jobs sector that took the market off guard that was backed up by some pretty impressive Services data as well.added 517,000 jobs in January, well more than the average analyst estimate for a 187,000-job rise. The robust increase showed the US economy continues to surge despite rising interest rates. the key here is that the data arrived at a time when markets were positioning for a Fed pivot.
This could therefore lead to a bullish correction to test the neckline of the M-pattern with 0.70 eyed. If this plays out in the official open in Syden, then taking 0.6870 as a floor, the 38.2% Fibo retracement on the daily comes in at around 0.6980: If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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