AUD/USD is expected to trade with bullish bias above 0.9710. The pair stands firmly above its key horizontal level at 0.9710, and seems likely to post some consolidations before further advance. The relative strength index is mixed to positive. In addition, a support base at 0.9710 has formed and has allowed for a temporary stabilization.
Concerning the October jobs report, the U.S. Labor Department reported that non-farm payrolls increased 161,000 (vs. +173,000 expected, +191,000 in September) as the jobless rate declined to 4.9% (as expected) from 5.0% in September. Despite a relatively healthy jobs report, the U.S. dollar continued to be weighed down by election uncertainty on Friday. The ICE U.S. Dollar Index eased 0.1% further to 97.065, making a losing streak of four straight sessions.
To sum up, as long as 0.9710 is not broken, look for further advance to 0.9815 and 0.9850 in extension.
Resistance levels: 0.9815, 0.9850, 0.9870
Support levels: 0.9670, 0.9635, 0.9600
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2evESgj
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