Australian Dollar consolidates from a three-week – U.S. jobs report next

October 8, 2021 - 2 weeks ago
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On Thursday, the Australian Dollar swung between modest gains and losses, with the session ending positively.

Viewing the economic data, China’s Caixin services PMI for September came in at 53.4 vs. 50.7 expected and 46.7 last, showing that the country’s services activity has expanded sharply in the reported month.

Meanwhile, the Reserve Bank of Australia published the Financial Stability Review report on Friday.

In other news, U.S. Federal Reserve chief Jerome Powell said that a good employment report could be enough to convince him on tapering, hence the relevance of the Non-Farm Payroll report.

The consensus is for 490,000 growth, while the Unemployment Rate is foreseen at 5.1% from 5.2% in the previous month.

Based on the daily technical assessment, the Relative Strength Index (RSI) 3-daily ‘lookback’ indicator has buckled above the 50-midway point (although, views to a positive signal).

Meanwhile, Moving Average Convergence Divergence (MACD) holds a positive bias.

The Average Directional Movement Index (ADX) trend indicator decline suggests the presence of a trading market and the absence of a trend.

From the given renewed momentum, upside tests could stretch to US$0.7320, where bears are likely to be preparing an ambush.

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