Australian dollar technical analysis Feb 10, 2015

It's not unusual to see a bit of indecision in the week after non-farm payrolls. I know traders who always plan to leave on vacations on the Friday after the jobs report.

The reason is that it's a week with a bit less US data and the excitement of the new month/NFP is over so the market tends to range a bit more and the volatility is lower.

A good example is AUD/USD today. It was under pressure early in US trading but it's bounced strongly to 0.7792 after a dip below 0.7750.

The rebound coincided with the lows from Monday and Thursday and it nicely highlights the roughly 0.7750-0.7850 range.

AUDUSD 30 minute chart Feb 10

On the topside of the orderboard, there are sellers at 0.7800-10, 0.7840, 0.7860 and 0.7880-85.