Australia printed weaker than anticipated jobs information earlier as we speak.
Can AUD/USD break under its head and shoulders neckline when the U.S. PPI is launched?
Before shifting on, ICYMI, yesterday’s watchlist checked out GBP/USD’s channel assist check after the U.Okay. printed weak CPI information. Be certain to take a look at if it’s nonetheless a sound play!
And now for the headlines that rocked the markets within the final buying and selling classes:
Fresh Market Headlines & Economic Data:
U.S. Jan retail gross sales surged by 3.0% m/m vs. projected 1.9% rebound
U.S. Jan core retail gross sales rose 2.3% m/m vs. estimated 0.9% uptick
Empire State manufacturing index improved from -32.9 to -5.8 in Feb
U.S. industrial manufacturing fell flat in Jan vs. estimated 0.5% m/m improve
Goldman Sachs lowered recession odds from 35% to 25%
EIA crude oil inventories rose by 16.3M barrels on SPR launch
Japanese Dec core equipment orders rose by 1.6% m/m vs. estimated 2.7% acquire
Japan’s commerce deficit balloons to file 1.82T JPY as Chinese exports droop
Calls for RBNZ fee hike pause improve on cyclone’s nationwide emergency
Australia’s MI inflation expectations slowed from 5.6% to five.1% in Jan
Australian financial system misplaced 11.5K jobs in Jan vs. estimated 19.8K improve
Australia’s Dec employment change determine downgraded from -14.6K to -20K
Australian jobless fee ticked larger from 3.5% to three.7% as an alternative of holding regular in Jan
U.S. headline and core PPI at 1:30 pm GMT
Philly Fed index at 1:30 pm GMT
U.S. preliminary jobless claims at 1:30 pm GMT
BOE MPC member Pill’s speech at 5:00 pm GMT
FOMC member Cook’s speech at 9:00 pm GMT
RBA Governor Lowe’s speech at 10:00 pm GMT
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What to Watch: AUD/USD
AUD/USD 4-hour Forex Chart by TradingView
So a lot for pricing in additional rate of interest hikes from the RBA!
The Land Down Under printed a dismal jobs report earlier as we speak, revealing that the financial system shed 11.5K jobs in February as an alternative of the projected 19.8K improve.
This was sufficient to carry the unemployment fee up by a few notches to three.7%. It didn’t assist that the December studying was downgraded to indicate a fair bigger drop in hiring of 20K!
With that, Aussie bulls rushed to exit their lengthy positions, bringing AUD/USD again all the way down to the neckline of its head and shoulders sample.
A break under this assist zone might set off a drop that’s the identical peak because the chart formation, which spans a bit over 300 pips.
Technical indicators aren’t so satisfied, although, because the 100 SMA remains to be above the 200 SMA whereas Stochastic is pulling larger from the oversold area.
Then once more, the hole between the shifting averages is narrowing to trace at a possible bearish crossover, so be careful for that.
Also, don’t overlook to maintain an eye fixed out for the U.S. PPI figures, as these might affect Fed tightening expectations. RBA Governor Lowe has a speech arising as properly, which simply makes issues much more thrilling for AUD/USD!
