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AUD/USD – Will 6900 Hold?
Aussie bulls have seen no mercy by the market as the pair continued to slide and make fresh multi-year lows on the back of weak commodity prices and fears over China’s economic slowdown. But over the past week the pair has held its ground and has been able to stay above the 6900 figure as a modicum of bargain hunters began to trickle back into the pair.
Tonight the market is going to get a look at one of the major events of the months as Australian labor data is released. Analysts are expecting a modest bump of 6K new jobs from a very large 38K rise the month prior. There is a chance however that the data could surprise to the upside and if it does the Aussie could challenge the 7100 figure as the short covering rally begins in earnest.