Australian dollar has a very noisy Nonfarm Payroll Friday

The Australian dollar was very noisy during Friday trading as one would expect with the jobs numbers coming out. I think that the market will continue to chop around quite a bit, and of course be influenced by gold and all things geopolitical as that market has such an influence on the Aussie itself. Because of this, I anticipate that there will be a lot of noise in this currency pair in particular, but that’s really going to be the norm for most currency pairs. It looks as if the 0.75 level underneath is going to offer plenty of support, and that support is something that I think traders will start looking to bank upon.

If we did turn around and break down below the 0.75 level, that would obviously be a very negative sign, and could have this market testing the 0.7475 level, and then possibly the 0.74 level. I do recognize that there is a lot of resistance above, especially in the form of the previous uptrend line and the 0.76 handle. In other words, I expect this market to be bullish in the short term, but a lot of choppiness overall. When I look at the longer-term charts, it’s easy to see that we could be stuck in a bit of consolidation between 0.75 on the bottom and 0.77 on the top. Keep that in mind as you are trading back and forth in a range bound type of situation.