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AUD/USD Testing Resistance Ahead of Jobs Report- Key Support 7522

AUD/USD Testing Resistance Ahead of Jobs Report- Key Support 7522

Michael Boutros,

Talking Points

  • AUDUSD immediate long-bias at risk into Aussie Employment
  • Updated targets & invalidation levels

AUDUSD 60min

Chart Created Using TradingView

Technical Outlook: Aussie has continued to trade within the confines of a well-defined ascending channel formation with the advance reversing off confluence resistance yesterday. Heading into tonight’s Australian employment report, the long-bias is at risk while below 7644/58 where the 100% extension of the advance off the yearly lows converges on channel resistance & the weekly high. Interim support rests at 7571 backed by the 7/4 high at 7545 & 7522- both areas of interest for possible short-side exhaustion / long-entries.

The outlook remains constructive while within this formation with a breach of the highs targeting subsequent topside resistance objectives 7687 and the 2016 high-day close at 7735. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Deskand take advantage of the DailyFX New Subscriber Discount.

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  • A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders are net short AUDUSD- the ratio stands at -1.25(44% of traders are long)-weakbullishreading
  • Yesterday the ratio was -1.42. Short positions are 7.9% lower than yesterday but 18.5% above levels seen last week.
  • Open interest is 2.7% lower than yesterday and 8.5% above its monthly average.
  • Although the ratio keeps the focus higher in the pair, note that a slight pullback in long-positioning suggests that the pair may be vulnerable for a near-term set-back heading into the release. Bottom line: the pair remains constructive while above the weekly opening range low (7522) & a pullback may offer more favorable long-entries.

Help fine-tune you entries, click here to learn more about the DailyFX Grid Sight Index (GSI)

Relevant Data Releases This Week

Other Setups in Play:

Looking for more trade ideas? Review DailyFX’s Top Trading Opportunity of 2016

---Written by Michael Boutros, Currency Strategist with DailyFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.