AUD/USD awaiting the week’s events to unfold

By FXStreet FXStreet (Guatemala) – AUD/USD is currently trading at 0.7023 with a high of 0.7031 and low of 0.7023.

After a mixed week in commodities and risk last week, AUD/USD is starting out Nonfarm Payrolls week steadily today, still within the bullish drift of last week’s closing sessions supported by the 50 SMA on the hourly chart that is at 0.7016 today and eyes the highs of last week at 0.7042.

Key data for AUD/USD

The week ahead comes with Chinese data, the Caixan Manufacturing PMI’s, Australian retails sales and Nonfarm Payrolls at the end of the week keeping in mind October’s FOMC.

AUD/USD bearish below 0.7229

Technically, Valeria Bednarik, chief analyst at FXStreet explained that in the 4 hours chart, the price is hovering around a bearish 20 SMA, whilst the Momentum indicator aims higher around its 100 level and the RSI indicator hovers around 46, in line with the daily outlook.

“To the upside, however, the price needs to recover above a strong static resistance around 0.7110, being then able to attract further demand.” However, Karen Jones, chief analyst at Commerzbank explained that only above 0.7279 is needed to alleviate downside pressure and re-target the 0.7448 July 21 high. …read more

Source:: FX Street