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Do or Die for AUD/USD
The next two day could prove critical for Australian dollar which has been testing its long term support at 6950 all week long. The data calendar brings in possible Chinese Trade data tonight (though the date is tentative) and Australian employment report tomorrow night which is crucial to the future direction of the unit.
As we wrote yesterday, “The remarkably strong labor data out of AU has been the main prop for RBA’s neutral monetary policy, but if the job numbers turn negative Mr. Stevens and company will feel enormous pressure to begin easing once again.”
A weak AU employment number is sure to send Aussie to test the .6900 figure and if the market becomes convinced that rate cuts are coming .6700 will not be far away.