Originally updated: 08:00am London Time
Currency Pair: AUD/USD
Sentiment: Bullish
In today's trade set up we will be focusing on short term buying opportunities on AUD/USD pair.
Fundamentals:
The AUD saw a rally overnight after Australian employment unexpectedly came in higher than expected, with employment change coming in at 37.7k vs expected 15.0k and the unemployment rate coming in at 6.1% vs expected 6.3%. Because of this the markets are now pricing in a lesser chance of a rate cut in the RBA's May meeting.
This should give us some short-term strength on the AUD for the rest of today. However keep in mind the we're still fundamentally bearish on the AUD overall - we're just expecting some short-term strength, so make sure you manage your risk and have stop losses in place to protect yourself.
Technicals:
We expect this pair to move higher during today's session.
There is strong support at 0.7650 should it fall that far, failing that, around 0.7700 is noted as medium term level of support which could provide trading opportunities should the price pull back. Look for the price to bounce off this level if it retraces back to it.
Remember to be aware of intra-day news as this can very often change the sentiment which makes our trade weaker. Look for any news that could negative for the AUD or positive for the USD which would change the sentiment on this pair.
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
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