After yesterday’s quite consolidation mode
today AUD/USD is trading higher, up with 0.33% and current market price 0.7411.
Despite the upbeat US ISM non-manufacturing PMI and the latest FOMC meeting
minutes, which reconfirmed Fed’s tightening policy, the US Dollar was set
under selling pressure. Meanwhile the trade war sentiments and the slump in
copper prices coundn’t affect the ongoing positive momentum.
Technically speaking the short term outlook remains neutral to bullish. Ont he
four hour time frame the price is developing above its flat moving averages.
RSI is located above its mid-line but has lost directional strength. Stochastic
is showing strong bullish momentum and is nearing oversold readings.
First bullish target is provided by the weekly high at 0.7425 followed by the psychological
handle at 0.7500. The downside is supported by 0.7380 and lower at 0.7335.
Today the NFP data is due and the Unemployment
rate and Average Hourly Earnings data. The first event is going to be the main
markets driver and will bring higher volatility, so it’ll be interesting to
observe breakouts.
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