You can see that the Aussie dollar really hasn’t done much in the early hours on Thursday as we did initially try to rally a bit, but then gave that back the gains. We are currently dancing around the 50-day EMA and, perhaps more importantly, right around the middle of the overall consolidation, which has 0.6450 on the bottom and 0.6650 on the top.
With the jobs report coming out on Friday, it’s not overly surprising that there isn’t a lot of money going towards anything, but at this point it’s also worth noting that as we’re in the middle of this consolidation, it’s not overly surprising that we are seeing stagnation. I think that may be the key here because there’s no real driver one way or the other.
