AUD/USD steady ahead of jobs data

FXStreet (Guatemala) - AUD/USD is currently trading at 0.8145 with a high of 0.8159 and a low of 0.8144 and down 0.12% on the day.

AUD/USD remains within a tight range oscillating between 0.8140/60 on the hand over to Asian opening markets. The pair has recovered very well from the sell off in both the Asian and European markets, weighed upon on commodity prices and stops triggering being the likely culprit for such an exaggeration of a move, squeezing longs out before offering opportunities to buy cheap Aussie dollars again. The US retails report was a big disappointment that gave the Aussie bulls the ammunition to have a good go at the upside on the back of the drop.

Meanwhile we are awaiting Australia's unemployment data for the next catalyst and likely to garner the most interest, despite many questions regarding the credibility of the report. From a technical stand point, 0.8300 is a possibility. "We also note the 13 count on the daily chart and the large divergence of the daily RSI and we look for a correction higher to the 0.8307 downtrend. A close above the downtrend at 0.8307 will initiate a deeper retracement to 0.8356/70 then 0.8472 (Fibonacci retracements)" - Karen Jones, chief analyst at Commerzbank.