AUD/USD: set up for a big day ahead

By FXStreet AUD/USD is currently trading at 0.7349 with a high of 0.7355 in early Asia and a low of 0.7346.

AUD/USD remains in positive territory having made a good recovery from the recent lows 0.7121 in late Feb and moving through the 200 dma. The Aussie has started to consolidate the bid now as we progress towards Tokyo in early Asia having been the biggest gainer on the US day, supported by strong flows in metal prices, including copper that was 1.33% up in to the US close. We now await the nonfarm payrolls that could be a mover one way or another and on a poor show, the double top in the daily sticks could come under pressure.

Nonfarm Payrolls: focus this time will be on wages

AUD/USD levels

Technically, AUD/USD is on the recovery from below the 0.72 handle and has penetrated the 200 dma at 0.7253 and is headed to test the recent resistance and previous double top at 0.7382. 0.7439 is a key objective in the near term being the August 2015 highs.

Valeria Bednarik, chief analyst at FXStreet explained that in the short-term, the 1 hour chart shows that the 20 SMA maintains a …read more

Source:: FX Street