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The Aussie has been on a quite a tear lately picking up nearly 500 points since the middle of December mainly on anti-dollar flows. But as it has approached the key resistance at the 8000 figure the pair has stalled.
Data from Down Under has been good but not great and therefore is unlikely to change RBA’s neutral posture anytime soon. As we noted earlier today, “Australian employment data beat to the upside printing at 34K vs. 9K eyed as labor conditions Down Under continue to show robust growth. Aussie popped on the news but quickly retreated as the .8000 level is proving to be formidable resistance to bulls. Although the job picture in Australia shows steady improvement, wage growth remains subdued and RBA is likely to remain resolutely neutral especially with the currency trading near the .8000 level”
For now, the 8000-8100 corridor remains the key resistance barrier and with triple top keeping a lid on any move higher, but a break about that level would send the shorts scurrying and propel the pair towards the next target at.8500.