<\/p>\n
\n Share:<\/span><\/p>\n The AUD\/USD is pinning into a nine-week high bid above the 0.6500 handle as the Aussie (AUD) capitalizes on US Dollar (USD) weakness following a flubbed Nonfarm Payrolls reading, and risk-on market sentiment<\/a> is sending the Aussie into its sixth green candle\u00a0out of the last seven consecutive trading days.<\/p>\n Global markets turned the US Dollar inside out, dumping the safe haven<\/a> asset and stepping into riskier assets following a worse-than-expected NFP<\/a> reading that saw the US add a scant 150 thousand jobs in October, below the forecast 180K addition and slumping from September’s bumper 297K print (revised down from 336K) to the indicator’s worst reading since February 2021.<\/p>\n Cooling US data is helping to confirm that the Federal Reserve (Fed) is done with rate hikes, and investors are now turning forward to start anticipating a future rate cut cycle from the US central bank. With markets hoping for an easing monetary policy outlook<\/a> to make borrowing and lending cheaper once again, negative economic data<\/a> for the US will remain market-positive as recession factors will push the Fed<\/a> towards rate cuts sooner rather than later.<\/p>\n Next week sees the Reserve Bank of Australia (RBA) due to deliver its latest rate call on Tuesday, and markets are expecting the Aussie central bank to deliver a 25 basis point hike as inflation continues to simmer at the edges of the Australian economy.<\/p>\n The Aussie’s technical recovery from October’s lows near the 0.6300 level sees the AUD\/USD climbing halfway towards the 200-day Simple Moving Average (SMA) currently turning down into 0.6625.<\/p>\n\n
US data down = risk appetite up<\/h2>\n
AUD\/USD Technical Outlook<\/h2>\n