Archived IMT (2010.12.08)

AUSSIE TRADERS watch tonight's Nov employment report (00:30 GMT), which could well provide the fundamental catalyst for extending the classic bearish formation in the charts below. Aussie Nov employment seen +20K from 29.7K and the unemployment rate seen at 5.2% from 5.4%. A positive may support AUDUSD back towards the 0.9880s but as long as no weekly close occurs above 0.9950s, the formation remains valid. Also watch out for the possible materialization of a Chinese rate hike later this week would be a negative for AUDUSD as has been the case in previous tightening. 09760 and 0.9640 appear the next key levels of support. The 500-pip rebound from Dec 1 to Dec 7 may have well stopped out several shortsbut much talked about right shoulder resistance of 0.9950-60 was never broken as far as a daily close is concerned. http://chart.ly/e73rwly