AUD/USD Trading Weaker

Showing little to no reaction in response to a lower year over year inflation figure, to which the AUD usually responds, particularly being a commodity driven economy, (theoretically it should move the AUD lower) speaks to the shift that is occurring in a market that has done little but go up since last spring bringing the AUD with it. On a short-term perspective going into US Non-Farm Payroll, the pair could see some resistance on retracement to the 50% level, where the 200hr moving average is sitting as well. The support could be seen at the full retracement, in conjunction with the longer term trendline. (A better view of the trendline is on the second chart.)

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