A cautious bounce for AUD/USD ahead of US CPI, FOMC
Friday's nonfarm payroll report took many by surprise to send the USD dollar sharply higher against all of its major peers. And that clearly took it toll on the Aussie, which suffered its worst day in five weeks. A bearish outside week formed, all thanks to an elongated bearish engulfing candle on Friday.
AUD/USD managed a minor rebound from its 100 and 200-day EMAs on Monday, but it was a public holiday in Australia and China so the move is assume to corrective.
The 1-hour chart shows prices are sitting around the monthly pivot point and 38.2% Fibonacci level, so we're looking for a swing trade short whilst prices remain beneath 0.6630 and for a move down to 0.6560.
AUD/USD managed a minor rebound from its 100 and 200-day EMAs on Monday, but it was a public holiday in Australia and China so the move is assume to corrective.
The 1-hour chart shows prices are sitting around the monthly pivot point and 38.2% Fibonacci level, so we're looking for a swing trade short whilst prices remain beneath 0.6630 and for a move down to 0.6560.
