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Message: [QUOTE="Zerologic, post: 240369, member: 126754"] [ATTACH type="full"]31070[/ATTACH] The AUD/USD pair extends gains ahead of the release of unemployment rate data Yesterday the AUDUSD pair drew a bullish candle with a slightly long body extending the previous increase. This pair experienced three consecutive days of increases since Monday at the start of this week. Yesterday the price formed a high of 0.62466, a low of 0.61812, and closed at 0.62251. The price increase of the AUDUSD pair has crossed the middle band line from the downside. Although in the long term, the Australian dollar tends to weaken against the US dollar, this week for three consecutive days the Australian dollar strengthened trying to gain balance against the US dollar. The US dollar's strong rally began in October due to the influence of President Trump. The dollar index (DXY), which tracks the USD currency against six major currencies, was a surprise after the release of US CPI data which brought the DXY down to a low of 108,602 from a high of 109,346. Meanwhile, the Australian Dollar extends its weekly rebound further above the 0.6200 mark, opening doors to test the 0.6300 hurdle in the short term. On the other hand, the RBA will consider lowering interest rates in February, citing sluggish economic momentum and reduced inflation risks, even though the chance is only 62%. Australia faces the challenges of weaker-than-expected Q3 GDP growth and a decline in consumer rates in January. Sluggish commodity prices and concerns about China's economic slowdown are weighing on Australia as China is one of the main drivers of Australia's exports. Today investors will focus on Australian jobs data and US retail sales as well as jobless claims. Australia's Employment Change is estimated to add 14.5k from the previous data of 35.6k with the Unemployment Rate forecast to rise 4.0% from the previous 3.9%. Meanwhile, US Core Retail Sales are forecast at 0.5% from the previous 0.2%, and unemployment claims are forecast to rise by 210k from the previous 201k. [/QUOTE]

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