After breaking below the rising channel support USD had been dominating AUD until last Friday. Having positive ISM Non-Manufacturing PMI, USD failed to gain some strength over AUD. After the weekly close of the market AUD is still stronger than USD with a push of Retail Sales positive report which met the expected percentage of 0.4% which previously was -0.1%. Though MI Inflation Gauge report was negative at -0.3% which previously was 0.6%, it did not really affect the gains of AUD today. Today USD has Factory Orders report which previously was at 1.3% but today forecasted to be at 1.1%. During the news, the pair is expected to have some volatility today and a daily close today will decide the upcoming move in this pair.
Now let us look at the technical view, the price has reached the resistance at 0.76 and currently stalling below it. As of USD Factory orders report, it is going to be published soon, a good amount of volatility is expected to hit the pair. It will be better to wait for a daily close above the resistance 0.76 to understand the bullish pressure in this pair and look for buying with a target towards 0.7690 or daily close below the last 4h low, which is at 0.7585. If it is taken out on the downside we will be looking forward to sell with a target towards 0.7530.
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