*Update AUD/USD Holds Below Pivot Point; Limit Buy at 0.9113

*Update: All orders good till NY close

The Aussie trades mixed ahead of the U.S. employment report as investors await confirmation of moderating job losses.

With no data released in Asia and Europe, traders have taken a back seat for the time being.

NFP consensus looks at the U.S. economy shedding -120K jobs versus -190K in October. The unemployment rate is anticipated to remain unchanged at 10.2%.

AUD/USD, fell from key resistance at 0.9325 to reach a 0.9214 low late NY session, where demand built to drive the pair towards the day’s pivot point at 0.9266.

Supply was seen at the level, 0.9266, as the AUD/USD currently trades under the respective level after two attempt to edge higher. The near term outlook is mixed as investors await the NFP release. Preferred strategy looks to stay on the sidelines for now.

Although prices could head higher from here, a retracement is possible before renewed buying interest resumes. In addition, currency markets may experience the usual “whippy” action of NFP Friday’s. Be cautious when placing positions and recommend lowering position size.

From current levels, 0.9254, the pair finds initial support at 0.9215, followed by  0.9185 and 0.9130.

Above current levels (0.9254), the pair finds initial resistance at 0.9300, followed by 0.9330 and 0.9372.

TREND

Near Term: Neutral
Medium Term: Bullish
Long Term: Bullish

Trading levels in play:

New: Limit Buy @ 0.9113 Targets: T1 0.9133 – T2 0.9420 Risk: 0.9050
* Good Till NY Close; 4pm EDT. After 15 pips profit move stop to entry, take profit at will. Trade is canceled if it rebounds near entry and moves higher by 20 pips. Will follow up with comments if outlook changes.

Old (canceled): Limit Buy @ 0.9140 Targets: T1 0.9160 – T2 0.9420 Risk: 0.9095
* Good Till NY Close; 4pm EDT. After 15 pips profit move stop to entry, take profit at will. Trade is canceled if it rebounds near entry and moves higher by 20 pips. Will follow up with comments if outlook changes.

DISCLAMER: The above post is for information only. Before making your investment decisions please acknowledge that the information provided herein should not be taken without your own individual assessment and extensive investigation, it should not be preempted as your own trading strategies, investment advice and/or trading portfolio.
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