Day by day Foreign exchange Information and Watchlist: AUD/USD

Planning on buying and selling the U.S. NFP launch?

Right here’s a easy pattern retracement setup I’m watching on a greenback pair.

Earlier than transferring on, ICYMI, yesterday’s watchlist checked out GBP/USD’s break and retest setup ahead of a U.K. market holiday. Make sure you take a look at if it’s nonetheless a sound play!

And now for the headlines that rocked the markets within the final trading sessions:

Recent Market Headlines & Financial Information:

U.S. Challenger job cuts fell by 15.8% in Might

U.S. ADP non-farm employment change rose by 128Okay vs. 295Okay forecast

OPEC agreed to spice up manufacturing by as much as 650Okay barrels per day

U.S. preliminary jobless claims at 200Okay vs. 210Okay consensus, 211Okay earlier

U.S. manufacturing unit orders rose by 0.3% vs. anticipated 0.8% acquire

EIA crude oil inventories fell by 5.1M barrels vs. estimated 3M drop

German commerce surplus widened from 3.2B EUR to three.5B EUR vs. 5.6B EUR forecast

Chinese language and U.Okay. markets closed for the vacations
U.S. non-farm payrolls report at 12:30 pm GMT
U.S. ISM providers PMI at 2:00 pm GMT
FOMC member Brainard’s speech at 2:30 pm GMT
U.S. President Biden’s speech developing

Use our new Currency Heat Map to rapidly see a visible overview of the foreign exchange market’s worth motion! 🔥 🗺️

What to Watch: AUD/USD

AUD/USD 1-hour Forex Chart

AUD/USD 1-hour Foreign exchange Chart

With the U.S. NFP report projected to point out slower jobs progress in Might, I’m this potential brief greenback play on AUD/USD.

The pair has been trending increased for the previous few weeks, and it seems to be like one other check of its ascending trend line is within the works.

Particularly, the 61.8% Fibonacci retracement level that traces up with a former short-term resistance and the .7200 main psychological mark may be a major spot for consumers to leap in.

In any case, technical indicators seem like in favor of a continuation of the climb. The 100 SMA is above the 200 SMA to recommend that the trail of least resistance is to the upside, and the 100 SMA is close to the realm of curiosity so as to add to its power as a ground.

On the similar time, Stochastic is nearing the oversold area to sign exhaustion amongst sellers quickly. If consumers take benefit, assist ranges might maintain and ship AUD/USD again as much as the swing excessive and past!

For those who’re planning on buying and selling this one, simply ensure you keep further vigilant through the NFP launch since greenback pairs are inclined to make large swings then.

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